Ann: Quarterly Activities and Appendix 5B December 2022, page-7

Hi Mechanic,
I indeed hope you are on the money with no cap. raise. My concern is that MEL had about 1.5 months of cash available at the end of December 2022 ($820,000). It is now end of January 2023 so that will have been further depleted. Vali1-ST1 should commence revenue generation for MEL early-February 2023. MEL invoice AGL end February (net cash to MEL minus prepayment amount). AGL pay invoice mid-March (2 weeks to pay invoice). So, $820,000 has to keep MEL's head above water until mid-March 2023. That's sailing pretty close to the wind if my logic holds. First gas from Vali-2 and Vali-3 has now slipped into the " March quarter", so revenue from these wells will not start until end March - mid April. Fortunately, Vali-2 and Vali-3 should flow at higher rates than Vali-1ST1.

I'm no financial expert, so my assumptions here could be way off.

Kind regards OldGeo