It is up to Megellan to proove that they are producing revenue by releasing production numbers. None of there PRs show this. We know that they incurring expenses as they specifically mentioned this in their PRs. How much expense I really know, but you don't get these wells for nothing. As far as we know they could be dry holes.
Again the burden of proof is on Megellan.
Without it we must assume that either there is no production or they are withholding information which could negatively effect the stock even more.
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