I’m not a MEL holder but have been a VEN holder since almost the start.
The problems the JV have encountered so far are standard oil and gas problems and totally normal for a start-up. Looking at MEL financials it looks like the company is being run pretty lean, which I like.
VEN on the other hand have been spending money thinking they are a Beach or a Santos. As I have stated previously on VEN forums, they have had one of the largest salary bills on the ASX for a company their size.
I like the area. I like the assets. Personally I think the basin is actually under-explored. Drilling costs have gone up which is bad for Cooper basin producers.
If Vali wells can be rectified and Odin-2 comes online successfully, MEL will be in a nice position.
And if you ask me why I am still in VEN given my negative sentiment towards their expenditure, all I say is PEL679, unfortunately MEL do not hold an interest in the permit, but I am confident if the drill ever gets going there, oil will be struck.
MEL Price at posting:
0.6¢ Sentiment: None Disclosure: Not Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)