I don't know if many of the original MEL diehards are left @Fatporka but I am glad that you are! @OldGeo are you still holding? Would be very interesting to see where you think O-2 sits on your charts. With the two Odin wells producing 6+mmscf/d MEL should be well into positive cashflow now. Certainly enough cash that Glennon shoudn't have to step up with further debt.
Where now do you think @Fatporka? Vali needs remediation, O-3 would have to be on the cards and at some point Glennon will want to reduce their exposure to MEL.
Glennons capital was most at risk prior to them committing to the additional funding for O-2. Their capital now has gone from redline risky to just normal micro-cap producer risky. IMO Glennon would now want to maximise the return on their capital. To do that the JV really needs to address Vali and then drill O-3. Lets see what the JV can do to remediate Vali next.
MEL Price at posting:
0.5¢ Sentiment: Buy Disclosure: Held
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