Glennon has committed publicly, and financially, to supporting...

Glennon has committed publicly, and financially, to supporting MEL to positive cashflow. He has dribbled another $300k to keep the lights on. I'm guessing he is waiting, like we all are, to see production logs from Odin after the false alarm that was just scale.

Breakeven/cashflow positive, seemingly an endless mirage @boysy1 isn't it! In the Sept. qtr they made an operating loss of $300k however
- Odin 2 was not online
- Odin field was offline for 24 days due to weather

Raw gas production from Odin in September was 1.66mscf/d online for 46 days.
Raw gas production from Odin in December should be 3-4+mmscd/d (4.5mmscf/d 28/11 ) and online for 70 days.

December will be the first quarter we get a proper look at Odin field production and the revenue it can generate. (unless production logs are released earlier) Until then I expect Glennon to provide no more capital except to keep the lights on.

It is worth remembering MEL was g-o-n-e.........No-one would fund MEL after KBC pulled their loan. Glennon had to make the assessment to catch the falling knife or drop the whole hot mess. We were already paying 10% for the original loan so the extra 10% costs $318k for the year.

Glennons hold 15% of MEL at a cost of around $3m. The debt funding they are providing is to protect that equity. I still think if Glennon wins so do SH's. (although I may be the only one left who thinks that!!)