1. Vali Gas I guesstimate a 90% chance that it will become reality in Q 1 2021, that Mel earns a cashflow from the Vali gas discovery. Ven will do the work and connect the gathering line to sell the gas.
2. Odin Gas This is a near existing gas field exploration and I would be disappointed if Odin is not a copy paste of Vali. Of course you never know if you hit water or a reservoir with too low poro/perm, thickness etc or the jackpot with economical gas. But I like the chances of this Odin gas gamble.
3. Cervantes Oil Again, I like the chances of this Cervantes oil gamble near Perth. On the "left" side (offshore) you got the two lions, on the "right" side you got the onshore producing oil fields. Drilling a well into the center of such a geological trend makes a lot of sense and a good chance for the Cervantes near oil field exploration well.
All three projects are small projects but hey, if successful you can become rich with chickenshi$ too.
4. Byron I remember that I was sceptical, when Mel invested some money from the NSW government into Bye, drilling exploration wells in the GOM. But in this days I did not know much about the Bye guys. The success rate of Bye is a proof that some real professionals are working there. And I hope that there is some know how transfer from the Bye USA office to Mel for our three little projects in Australia. I hope Mel adapts the Bye way of thinking for geological concepts and is able to apply the seismic processing and interpretation technology and skills from Bye to Mels Australian office.
For many years (has cost me about 5, 7 years) I was very pessimistic with my Mel investment and I would had not been surprised if I lose all my investment with a bankrupt Mel. Especially after the political driven desaster in NSW, after investing in little Bye, a company I never had heard before, and during the board fights to controll Mels management.
But seems Mel has and is sorting out the troubles and the last time I was optimistic as now was, when Mel drilled the first wells with bird names in NSW and when I enjoyed reading the comments of the drilling results of a hotcopper member with Jamaican slang.
PS: My belated and sincere thank you to the Lock the Gate people in NSW. In the meantime I think the 25 million $ we got from NSW because of the Lock the Gate people has been better invested outside of NSW than drilling wells near hostile neighborhoods with knitting grandmas and weed smoking people who think they can save planet earth from mankind.
MEL Price at posting:
3.2¢ Sentiment: Hold Disclosure: 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)