Sorry, I just was interpreting these statements as saying that MEL needed to further costs:
"If they can strip back costs and break even on V1, O1 and O2 revenue it might buy some time"
"Mel needs to increase gas production and cut costs."
To answer your question: I think MEL have historically been very good at cutting back when required. Management have historically taken voluntary cuts. Patton leaving will have seen a reduction, but to me the only way that admin/corporate could get at these levels is through timing of payments or a voluntary reduction by management. Really it is only management expenses, rent and corporate support... really nothing that can move too much. Where they can save some genuine money is through Vintage pulling their finger out. From my interpretation of what caused the O1 downtime they need to start getting serious.
MEL Price at posting:
0.3¢ Sentiment: Buy Disclosure: Held
