I am a petroleum engineer actively working the Permian. I see a clear business case need for a refinery out there. The takeaway capacity issue is real and you’re already starting to see oil differentials get up into the $15/bbl range.
Whether or not MMEX is the company to do it, is another question, but they look solid to me. I didn’t put my life savings into it and I am intrigued enough to ride it out and see where it goes. It’s a speculative play at most and you really should treat it as such. I’m not a fan of the continuous toxic dilution, but they are taking all the right steps for getting this done. Someone said earlier that this financing deal is a binary event and I believe that’s right. That’ll either make or break MMEX.
Today it’s looking pretty good though!