I think they are still working through the last CR .
I think Stumpy is right . The Market wants to know that it is a GSA and prepayment for gas or loan funds and 3rd party pipeline that will be paying for the development up to first revenue and not another near term term credit raise .
Once that is clear then the value of the discoveries will be crystalized .
But first things first . They need the new resource estimates and the flow rates to make a FID and get the GSA home .
If that happens before the end of the year the 4 cent options will be in the money and they will have ample funding for Cervantes .
The reason VEN is going nowhere is exactly the same , investors waiting to see where the money is coming from to pay the cost of development to first revenue . They want to be certain it will not be from a preproduction credit raise .
MEL Price at posting:
2.3¢ Sentiment: Buy Disclosure: Held
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