Going by the recent podcast we are looking at reserves within roughly a fortnight...that and the completion are the catalyst for everything. Lots of factors to a GSA - I'm quietly hoping that they do a deal with an aggregator with a pre-paid component. CTP's recent deal with Macquarie stands out - they effectively pre-paid for the gas, which covered the cost of development. Would be game changing for MEL if they could complete and connect Vali and drill, frac and connect two more wells without dipping in to existing cash or going to market again. Would allow for the drilling of Odin and Cervantes from current cash/BYE holding. The CTP deal is a bit unique though, as Macquarie is already heavily tied to their project.
MEL Price at posting:
2.6¢ Sentiment: Buy Disclosure: Held
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