Ann: MEL Presentation - Good Oil and Gas Energy Conference, page-38

Thanks for posting your analysis @OldGeo. I am interested in where that revenue leaves MEL at a net position. Assuming

1. Your revenue
2. Opex $3/GJ
3. Staff and corporate from MEL qtrly

Revenue $316
Opex $144 (@$3gj)
$171
Staff costs $57 (YTD $681)
Admin. & Corp. $83 (YTD $1003)
EBITDA $31

Increasing the $/GJ by $1 increases the EBITDA to $67k/month. So if Vali 2/3 can't be brought back but Vali 1 and Odin 1 are online MEL is breaking even or a little better. My own assumptions, happy for feedback and improvements.

MEL has working capital of $2.9m. So assuming

Sept qtr same as June qtr ($524)
Capex on Vali 2/3 ($500)

So by end of Sept qrt MEL could/should be breaking even and have $1.9m working capital.

Whats the plan from there @OldGeo ? Assuming Vali 2/3 can't be brought online. Would it be to drill a Vali 4 or an Odin 2? Odin is more profitable on a $/GJ however we may have obligations to AGL at Vali?

As @Fatporka pointed out there is talk in the presentation of Odin 2 in early 2024?

I totally agree with your comment that this is nail biting stuff. If they can get to breakeven on the back of Odin 1 by Dec qtr that would be a good start.