I think MEL has acknowledged that its future is no longer in the GOM . BYE looks like it is about to greatly accelerate its program and I just cannot see how MEL could keep up . I cannot see BYE giving them a farm in to any of the SM58 wells . Capping the cost over run on SM74 may having been their going away present .
Mel with its BYE piggy bank and free carry in the Cooper and its Perth Basin farm in could still do OK . The Cervantes prospect is quite large and should attract a farm in that will greatly decrease their exposure and a discovery would make a big difference .
Yes cara , I am coming around a bit , lol .
I do think the MAY TO is very likely not to go ahead , but this next week will still have its potential thrills and spills .
MEL Price at posting:
4.5¢ Sentiment: Hold Disclosure: Held
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