As an aside - Bivouac Peak completion and development costs are expected to be around $8.5m USD, so around 1.15m AUD MEL share (per BYE 6/11/15 announcement). SM74 is expected to cost 3.5m USD to complete and $4m USD for pipeline and facility costs - so $3m AUD to MEL.
That gives a total of $4.15m AUD; which leave a significant buffer remaining from the $6.5m left over post drilling costs noted above. Even taking into account over runs and admin expenses things should be comfortable. If it gets to development stage I wouldn't be opposed to a small cap raise to get things over the line if necessary . If it gets to that point the share price should be nowhere near what it currently is; given that 1p reserves are generally valued at around $30/barrel.
News: MEL Metgasco Says Co Enters Agreement With Byron Energy To Farm-In To South Marsh Island..., page-5
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Mkt cap ! $3.674M | |||
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