When the buyback started the intrinsic value was getting close to 8 cents per share - so 6cps was still good buying. With BYE having drifted a bit the value proposition has changed to a degree, but the company is still undervalued. BYE will hopefully be awarded the tracts that they bid for in Lease Sale 250 tonight, and at worst they should be awarded next Thursday (US time). These ten blocks have significant value to MEL given the farm in rights that exist (option to farm in to any BYE blocks that are farmed out - huge when it is unlikely for BYE to go solo on anything at this point).
I'm hoping that your insider news thought reflects the state of affairs - I was a little surprised that they didn't slip in a sentence or two along the standard 'investigations are continuing' line with the Cooper block announcement.
Who knows in the end? Lease Sale 250 and Biv Peak in the near term pipeline, and the buyback available to support things - so limited downside regardless.
MEL Price at posting:
5.4¢ Sentiment: Hold Disclosure: Held
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