How's this for a theory @boysy1 Glennon have taken control of MEL and are trying keep it alive long enough to break even and then wait to see what happens with the JV. (VEN)
Glennon didn't act against MEL when KBC defaulted, they put up $500k of the last placement and likey were part of the last $250k placement.
In the last quarterly Staff and Admin and corporate have been more than halved to $128k. (from $260 last qtr and $246 the qtr prior)
Assuming Vali breaks even and Odin contributes around $6 GJ a stripped back MEL could break even if Odin is producing 2+mmscf/d. This could well be Glennons game plan to protect both their debt and equity. Cut the guts out of costs and get to breakeven.
How's this for a theory @boysy1 Glennon have taken control of...
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Mkt cap ! $5.790M | |||
| Open | High | Low | Value | Volume |
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| No. | Vol. | Price($) |
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|---|---|---|
| 0.4¢ | 14063479 | 14 |
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