According to the latest half yearlyreport (before the cap raise), there is no debt and an insignificant provision. The book value is certainlyhigher than the market value. People sell shares for different reasons. The company is more valuable now than it was when it raised money at 2.5 cents (good flow rate from Vali and BYE shares are more valuable).
MEL has 39.4 million BYE shares (at28.5 cents it gives $11.23 million). If you include the $3.975 million capraise you get $15.2 million which is more than the market cap at $14.84 million(549,604,331 shares at 2.7 cents).
MEL has 25% interest in Valiwhich looks commercial (two-day test with ameasured stabilised flow rate of 4.3 MMscfd through 36/64” choke at 942 psi; 37.7Bfc gross contingent resource).
Otherprojects include:30% interest in Cervantas(Gross 15.3 million barrels of prospectiverecoverable oil)
22.5%interest in Odin (Gross 12.6 Bcf prospective recoverable gas, next to Vali)
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 (20min delay)
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Last
0.2¢ |
Change
0.000(0.00%) |
Mkt cap ! $3.665M | |||
| Open | High | Low | Value | Volume |
| 0.3¢ | 0.3¢ | 0.2¢ | $7.983K | 3.511M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 11 | 9832429 | 0.2¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 0.3¢ | 11398095 | 12 |
View Market Depth
| Last trade - 11.48am 26/06/2025 (20 minute delay) ? |
| MEL (ASX) Chart |