I think there are some insights from the quarterly results apart...

I think there are some insights from the quarterly results apart from the need for some fresh funding.

On reduced production MEL managed to remain cashflow positive from operations in the quarter. A $18k they just scraped in however any positive cashflow will help with obtaining funding.

MEL also seem to have focussed in on the current challenges.
-The plans "for drilling up-to two wells on the Odin gas field" has been replaced with a focus on drilling Odin-2 in May.
- The "review a number of new business development opportunities" from December has been replaced with "Corporate and administration costs were tightly constrained during the quarter"
- The conversion of Odin resources to reserves has been deferred to focus on drill Odin-2
- The JV have agreed a modified plan to attempt to revive Vali-2

This is the MEL I want to see. Focus on getting Odin-2 drilled, bring back Vali-2 production and keep a focus on costs while we get there.

How MEL will fund their share of Odin-2 drilling and it is rightly a focus of the quarter being mentioned three times.
-Metgasco reviewed several business financing options to replace the Keybridge Capital loan and fund future asset activities.
- During the quarter Metgasco reviewed several options to both replace the Keybridge capital debt facility and
fund further licence activities.
- Metgasco has significantly advanced plans to secure further capital in the June quarter to finance the drilling of the Odin-2 appraisal well. Metgasco are confident the capital will be secured in a timely fashion.

None of us know yet if it will debt finance, a CR or a blend of the two. It does seem though that MEL's focus is only on Odin-2 at this stage to minimise the funding required.