Hi jophda,Thanks for this. Good summary. Solid gas production...

Hi jophda,
Thanks for this. Good summary. Solid gas production from Odin is so important now.

Points made at the Sep. 6th Good Oil Conference, in my view, sugar coat the reality.

• 4 Cooper wells building gas hub reserves/resources. The reality is that as of Sep. 6th we have one gas well.
• Management team has delivered 4/4 successful Cooper Basin gas wells. Again, the reality is we have one gas well.
• Commercialisation of Vali represents the culmination of a long process of value creation by Metgasco. The reality as of Sep. 6th, MEL's SP is at all-time lows.
• Preparation for Odin-2 drilling. The reality is that they should be preserving cash and wait for solid production results at Odin-1, before spending further $'s on Odin-2 well planning.
• Production revenue to assist future new BD opportunities. The reality is that current production revenue is insufficient to keep the business running, let along spending $'s on reviewing new BD opportunities.
• Expand asset foot-print in Australian onshore basins. The reality is that they need to build a solid cash before talking about expanding to other basins.

I need to see production results with cash flowing in before anything else.

Kind regards OldGeo