I got the impression a JV was currently the most likely path, all considered, but I think they are juggling multiple options, including multiple JV deal options. One thing was cleared up for me, and that was Guggenheim. Seems they will (or at least they will consider) a further JV deal (with a line of credit, loans, like last time) but only once the current well is in production, thus converting the reserves status to "PROVEN" reserves.
Seems they only loan money (like they did before) against proven (I think that was the key word?) reserves, the BP #1 well is not yet proven, not until it has actually produced in such a way to establish a proven reserve, which is what they need some of the current funding for, to finish this well.
Chicken or egg problem, the which came first deal. So I got the impression Guggenheim might JV or loan money, or both(?) for additional wells, expansion, once the first well is proven.
I suspect an outright bank loan is not possible at this time for obvious reasons. Needs to be an investment bank, VC, JV deal or the like near as I can tell at this time.
Just a reminder, that there was PR about 10 months ago that MNLU was worth a good 50 cents/share (liquidated) based just on proven reserves in Louisiana, and that was at old oil and gas prices from about 12 months ago. So current prices are a steal here.
Ambition with out knowledge is like ship in dry dock. Going nowhere fast!
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