From conversations that I've had, the feeling is that it is getting about as close as you can get to a certainty for an exploration well. However, it is oil and gas - lots of variables and the drill bit will decide. I'm expecting rig mobilisation/spud this week, given he latest from Byron was 'early March' and latest from MEL (in the above announcement) was 'March". Exciting times given the relatively small amount of shares on issue and possibility of a follow up drill in a success case. Curious to see what the plans are in the event of success/failure. The farm-out is an obvious development, but can't help but feel that there is a deal in the wings in a success case. Ken is a production man after all.
MEL Price at posting:
5.3¢ Sentiment: Buy Disclosure: Held
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