re: Ann: Quarterly Activities Report and Cash... MEL weirdness never seems to end.
The Quarterly says they will spend $4.7M on exploration next quarter - but wait this is not going to be spent on actually drilling any new wells. This money will be spent on ??????
Oh wait a minute - there's a footnote A: "includes well decommissioning program". So - no new wells, just shutting down old wells at a spectacular cost.
So far this year MEL has spent $9.1 M on "exploration" but only drilled two core wells and a tiny amount of seismic - all up cost $3 M tops. So they have already spent $6.1 M ($9.1M - $3M) so far this year on not exploring for or producing gas and plan to spend another $4.7M next quarter on not exploring for or producing gas.
They must be having some spectacular lunches at the board meetings.
re: Ann: Quarterly Activities Report and Cash... MEL weirdness...
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