It certainly would be convenient for MEL if they can kiss and make up. We had $2.76m of the $5 drawn last quarter so assuming we had $2m left now just how far would that get MEL?
As @jophda said "If they can get vali 2 and 3 into production without a credit raise and it makes them cash flow positive as it should then I think we will see a rerate .However I am not sure how they then fund Oden 2 and 3 .Loan funded or a capital raise or if free cash is high enough just patiently wait for the balance sheet to recover ?"
Is $8m gross to the JV enough to bring at least Vali-2 back online and upgrade the Odin-Vali connection? (I can't find any references in either VEN or MEL's announcements with regard to their costs to date)
An increase in production at Vali could be valuable if it unlocks the next tranche of AGL pricing. Upgrading the Odin-Vali connection would be required before Odin 2 could be progressed. Then possibly a prepayment deal, similar to AGL-Vali, to drill Odin -2?
I realise it could all be to hard and that a CR, or a takeover, could be just around the corner. However there is an alternative if the JV can hold it together for a while longer.
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