Hi Old GeoThere appears two seismic bright spots on their plot...

Hi Old Geo
There appears two seismic bright spots on their plot .
They still had 590 ft to drill when they announced so I wonder if they had drilled through both .
Could there be more hydrocarbon containing sands yet to announce as no water saturated sands had been encountered .
Hope the hydrocarbons are oil and the resource is larger than expected ala SM 71 .
You have to be an optimist to investor in this sector lol !!

The problem for MEL if it had an interest in this well is it would have had to liquidate a lot of its shares in BYE to pay for its promoted share of well costs and find the money to pay for its share of the platform and development and probably one or two more development wells before it saw a lot of revenue .
As it probably cannot raise loans because it has no revenue that would have meant a large dilutive CR .

SM74 was potentially very quick to revenue with not a high development cost .
Alas it did not workout .

As the business is just mainly a play on the BYE SP maybe the BOD could make an in specie distribution of most of its BYE shares to its shareholders and downsize to its Australian assets and possibly merge with another company operating in Australia .

I cannot see what they could possibly offer to BYE in a merger with them now .

No noise from MAY , maybe we might hear something now .
The discovery validates the BOD decision to take up the options even when they were slightly out of the money at the time .