Retail investors are very emotional beasts and often make counterintuitive moves. I own a share that has increased circa 250% in the last few weeks and while there was endless moaning and weeping I was acquiring more shares. I would much rather be buying MEL shares now than selling. What is there to be nervous about?
1) The company is fully funded to bring Odin gas online so there is no threat of an upcoming Cap raising.
2) The 3 Vali wells will be ramped up and presumably producing at optimum levels in FY2024. FY2025 will be very exciting as there will be a full year contribution of Vali and Odin gas being converted into a preverbal cash pile.
You can either anticipate the future revenue streams now and acquire shares at sub $0.02 or you can wait for confirmation and pay $0.03+. My preference is to buy low and sell high.
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