I see your point, but you've missed a crucial bit:
"Reimbursement of 65% of past licence exploration costs ($527,800) or carry Metgasco for the first $527,800 of exploration costs"
Factor in that the estimated well cost may well have been below $5.3, and it's still likely fair to say that MEL is free carried. From memory - MEL's published estimate of it's Odin exposure is a little over $1m. When transferring this to Vali (assuming similar structures and depths) implies that the $5.3m includes contingency of circa $1m gross. Add in the $527k net and things are looking fine.
Happy to discuss any holes in my logic....
Add to My Watchlist
What is My Watchlist?
 (20min delay)
|
|||||
|
Last
0.2¢ |
Change
0.000(0.00%) |
Mkt cap ! $3.674M | |||
| Open | High | Low | Value | Volume |
| 0.0¢ | 0.0¢ | 0.0¢ | $0 | 0 |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 8 | 6630498 | 0.2¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 0.3¢ | 10843632 | 8 |
View Market Depth
| Last trade - 16.21pm 29/07/2025 (20 minute delay) ? |
| MEL (ASX) Chart |
Day chart unavailable