I think it comes down the headlines @slamdog . Production has declined each qtr for 12 months, the financier has stepped in and taken control of the company. 9 times out of 10 I wouldn't look any further.
In the production detail though, O-2 will book 1st production this quarter and scale issues at Odin-1are being remediated. While our financier has stepped and taken control he is also MEL's main shareholder and has an interest in protecting both debt and equity. I said yesterday that Glennon have MEL in a position that they can afford to wait and see what happens at VEN. Going off VEN's announcement this morning we won't have to wait to long.
Don't get me wrong, it's still a shitshow and a million things could still go wrong, but it's worth a look.
MEL Price at posting:
0.4¢ Sentiment: Buy Disclosure: Held
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