Mitch they have to raise sufficient funds in the SPP to pay their share of O2 i don't think we can assume this will be anywhere near fully subscribed.
O2 drilling and perforation were to cost ~$2.3M they have raised $1M from the placement leaving $1.3M to fund.
They had $300k cash of 31/3/24 We know the at current production the company is not cashflow positive - it would appear unless they raise towards the top end of the SPP amount they will struggle to pay their share of the perforation, completion and connect the well ......
At some stage i expect soon the company will need to front this reality to market
Ann: MEL Investor Presentation June 2024, page-22
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