Yep, Vintage in particular has some nice positive volume today. I can't help but feel that we'll have results by the end of the week. Added bonus is that BYE is starting to move up nicely; to the point that our market cap only just exceeds the value of the BYE holding and cash. I can only see that situation improving over the next month with their G1 well coming into production (~2 weeks) and results from G2 (~3 weeks).
Base case success per a VEN announcement should be worth $17-20m to MEL. Strong flow rates, especially from the unbooked lower zone have a real chance of boosting that figure. BYE at 22c is roughly $8.75m + $20m for Vali and residual cash of $2m after Vali costs...call it $30m and round it to 600m shares on issue...circa 5c with no upside factored in and no valuation attributed to analogous prospects (Odin) or Cervantes. I don't think 7c would be too unreasonable in a success case. Many bridged still to cross, but looking ok atm.
MEL Price at posting:
3.0¢ Sentiment: Buy Disclosure: Held
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