I'm reposting, with their suggestions.
I am one of the parties that have called for a change of the MMR board. I have been involved in PEP 11 since 2004. With almost daily news about the east coast energy crisis, I believe there will never be a better time to raise the funds, and drill a well to test the large structure identified in PEP 11.
These are indisputable facts:
* The last time a well was drilled in PEP 11 (2010), MMR share price reached $1.14.
* The last time seismic was acquired in PEP 11 (April 2018) the share price reached a maximum of $0.022. What do you think will happen to the share price over the next 2-4 years if the company only focuses on seismic?
There are currently three potential rig options
* One potential slot available March 2019, but unlikely to have all approvals by then. US$190k/day
* Potential drilling slot with same rig end of 2019. Rate likely higher by then, US$200k/day
* Third option, available dependant on extension of current contracts in the area, available end 2019. US$150k/day
How to fund it.
* First, don't forget that funds were raised for drilling in 2010 long before there was any 'energy crisis' in the eastern states. I did help with this.
* With the east coast energy crisis constantly in the news, raising funds to drill a potential multi-Tcf prospect directly off the east coast will be much easier than in 2010.
* There is conditional support from a number of stock brokers to raise drilling funds.
Think about it. As a stock broker, you simply want to see the share price increase so your clients have a chance to sell and make money. A cynic may say that they don't even care if the well is successful. They know the share price will increase leading into and during drilling. On this basis alone, we expect strong broker support. I say 'conditional support' because none of the brokers we talked to will support the stock while all the infighting is going on. Given the obvious strong animosity clearly articulated by the current board, we believe a board change is necessary.
* Discussions have been going on for many months with east coast energy users. Some are interested in potentially funding some of the drilling costs in return for securing a gas supply if the well is successful. Again, the logic is simple. As an example, according to (https://www.energyresourceinformati...development-blockers-costing-jobs-investment/) Visy spends $200 million a year on power. Other companies mentioned in this article also have very very large energy bills. It would make sense for some of them to spend a relatively small amount to help test a theory that there may be gas directly offshore NSW.
However, NONE of these companies are interested in investing in the project until the legal actions while there is all the infighting between the companies related to PEP 11.
Tom
MMR Price at posting:
2.0¢ Sentiment: Buy Disclosure: Held
(20min delay)