I asked last week if anyone had heard anymore from MEL. I guess now we all have! Another $2m @ 20%, interest to be capitalised and paid from revenue. Glennon total exposure to MEL now is nearly $8m.
Glennon would have to be running some pretty serious assessments on MEL before advancing a further $2m funding. IMO they must be seeing a short term future where the "shell" that was MEL can stand on its own to feet. (cashflow positive)
@Fatporka I think your right about Vali/AGL. The JV really needs to manage AGL's expectations around Vali remediation, timing and outcomes. As you said if it is frac and not closure related the gas is still there. Hpefully the JV gets enough time to get Odin flowing and then get back onto Vali.
Weather looks like it has been OK up there. Still looking forward to VEN announcing work is underway.
MEL Price at posting:
0.3¢ Sentiment: Buy Disclosure: Held
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