They are not saying what happened to the Vali 2 flow rate in January. I assume there are no improvements
'Gas flow averaged 0.2 MMscf/d whilst online during the quarter'.
They burnt $1 million cash and $3.9 million left. The revenue they get is not even covering their operating costs. MEL is at least covering their operating costs.
Without new wells they will continue to burn cash. However, a cap raise is inevitable, if they are to drill new well/s IMO
Ann: FY24 Q2 Quarterly Report & Appendix 5B, page-9
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