For the newbies (or old fmr holders like me that want back in), I found this from Nov 2019. So MEL will pay 50% up to $8M for the drill, after that its 30%.for anything over.... so i guess a CR will have to come soon based on what is currently left in the kitty from the last qtrly
Drilling planning for the Cervantes Prospect is underway and environmental approval planning has been initiated. The current gross cost estimate range to drill Cervantes is $5-7 million and will be more accurately defined as the project progresses. In the event that well costs go above gross $8 million then Metgasco financial contribution would revert to the JV equity level of 30%.
MEL Price at posting:
3.1¢ Sentiment: None Disclosure: Not Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)