One of CEPL’s objectives was to conduct the most comprehensive UCG trial in Australia. LNC conducted their trial over 3 years. MEE have also stated that they would commence their trial in the 2nd half of 2007 but like most companies with good intentions this has slipped. MEE have to issue 111 million shares and $2.4 million to CSIRO to complete the CEPL transaction. Now I notice in their Quarterly report that they have $2.1 million and are expecting to expend $300,000 this quarter. Does that mean it will be put off for another 3 months? Are they going to issue more shares to raise the $2.4 million? Are they waiting for the Opes Prime sell off to be completed first? What about the $20 million required to build the trial plant? I assume they will try to sell off their gold and uranium tenements but how long will this take and how much will they get?
MEE
metex resources limited
