So a CR of $5m @ 0.005 that would mean MEL would be almost...

So a CR of $5m @ 0.005 that would mean MEL would be almost doubling their shares on issue to 2.064bn and massively diluting all existing holders. IMO it would be a horrible dilution for an unknown gain.

The JV is committed to O2. (and by default the Odin- Vali connection upgrade) MEL's share of costs is $1.3 O2 and $1m to complete and connect. Then they need another $1m to re-pay the short term finance. So MEL needs $3.3m and I'm still hopeful that it can be a mix of debt and CR. Call it 50/50 so $1.65m debt and $1.65m CR.

Lets get O2 drilled and flowing, lets understand O1 decline, get Odin field resources converted to reserves and reconcile Vali failures. There is so much more that can be done to progress the JV apart from trying to drill our way out of trouble.

You could be correct @boysy1, perhaps a massive CR is on the cards but I hope it's not the case.