I think the way forward for MEL is going to be tough .The latest...

I think the way forward for MEL is going to be tough .
The latest presentation talks about being funded for the Odin program but there will be unknown costs to remediate the problems at Vali 2 and 3 before they begin to produce revenue .
The JV also still owes 1.25 million to Beach to be paid out in two tranches when certain unspecified production levels are reached .

The Announcement said " Production revenue to ASSIST future new BD opportunities "
The Market needs to see more than just that !
The Market wants to see actual significant free cashflow so that future drilling can LARGELY be funded by cashflow and any credit raise be at a multiple of the current share price .

I actually think the way forward is a take over by another business .
At 30 june 2022 they had $110 million of tax losses on the books .
It is hard to see them utilising much of those losses (at least in my lifetime , lol !).
However they could be of real value to another business that could utilise them .
The obvious one would be an all scrip TO by VEN .
It would strengthen VEN and strip some costs out of the JV and as VEN share price is suffering because of similar reasons to MEL there would be the same upside or better and it has significant contingent assets outside the JV .

At the present time VEN has a Market cap of about 3 times MEL's and I think that is probably about right .
Makes VEN's assets outside the JV worth about the same value as MEL or at the present share price $13 million .
That would not be taking any account of VEN being the operator of the JV .
MEL might be able to squeeze a slightly better deal for a control premium for MEL .

The larger business created with a chest full of tax losses might make VEN a more enticing future TO Target too .

The Cooper basin has a history of the big fish eating the little fish .

GLTAH

I don't think MEL's survival is in doubt but a CR soon would be a disaster for share holders .