Bold move...first reaction was of slight bewilderment, given the cash position. However, I thought about it a bit more and came to the conclusion that MEL can sell it's BYE shares if SM74 is a duster, or alternatively will have increased exposure and very low completion costs if it is a success (given the SM73 platform arrangement). It's upped the stakes, but the seismic images look very, very good.
MEL Price at posting:
5.1¢ Sentiment: Buy Disclosure: Held
