The major drama for MEL was finance. Once Keybridge pulled their loan it took MEL a while replace that funding and it was messy getting there. Glennon stepped in to fund MEL and have committed to support MEL through to production revenue. They are getting a big kick for the debt but it is all back ended.
With finance now settled and Glennon running the show MEL is a very basic little stock with 25% of Vali/Odin fields. Certainly a lot simpler than a merged VEN/GLL.
If nothing else MEL gives VEN a look through value on their own 50% share of Vali/Odin. MEL is at $7m so VEN's 50% is worth around $14m.
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