MAY - Melbana Energy

[JBmurc]

https://www.afr.com/world/north-amer...0231016-p5ecqh

[nztx]

Strange . sure to form - ASX on recent news .. goes down

[JBmurc]

Strange . sure to form - ASX on recent news .. goes down

Will surge past 10c pre-Xmas..should get upgrades in Amistad Prospective resource to 2P reserves in time ..from production now underway from the 1B along with better numbers =

1-Logged Net Pay for the entire Amistad interval increased from 109 metres to 346 metres TVD –

2-1B flowed oil to surface unassisted at a peak rate of 1,903 BOPD and stabilised average


the Larger deeper 2x traps - Alameda + Marti could well blow the doors of the SP if we get even lighter oil (IMHO 25-30 likely) high flow rates with high pressure issues on exploration well..
rate of 1,235 BOPD. Significantly lighter (19° API) and lower viscosity (30 cP) oil compared
to other oil production in area.

[mike2020]

May was over 10 cents in July up to 12 and I have read every prediction on HC, including 20 cents August and 30 September 23 here. It looks like a long term speckie hold to me.

[JBmurc]

May was over 10 cents in July up to 12 and I have read every prediction on HC, including 20 cents August and 30 September 23 here. It looks like a long term speckie hold to me.

Think much comes down to CUBA TIME sadly not like USA and easy access to equipment and timelines ..everything is taking longer than we all expected back when it was Discovered .. but the OIL isn't going anywhere..

[kiwical]

With Christmas creeping closer I don't see much evidence of that "20c pre Xmas" coming true. I even doubt 10c now. It would have to be a pretty astounding sudden SP increase for that to happen. I suspect it's more likely to just trundle along about the same level it is at for the remainder of the year.

[JBmurc]

Yes such a drag waiting for deeper targets to be drill / flow-tested ...we thought pre Xmas now hopefully 1Q24 ... I have sold a few purely @ 7.5c I could see a retreat esp as the Oil price continues south... one ST hope is an upgrade in the upper traps perspective and in time 2P reserves ... could wake up the market to the muti Billion bbl upside MAY have in the area

[JBmurc]

sounds positive>>

Melbana Energy’s Executive Chairman, Andrew Purcell, commented: “This review by McDaniel and Associates lends increased confidence there are 46 million barrels of recoverable higher quality oil in just this one productive Unit 1B (one of four) of this shallowest oil-bearing structure (one of three) from our first discoveries in a ~2,500km2 onshore block where we have identified 19 additional leads. An initial field development plan for this relatively shallow/higher quality Unit 1B oil is now being finalised for partner and regulatory approvals with the goal remaining to export the first cargo before the end of 2024.”

[Joshuatree]

sounds positive>>

Melbana Energy’s Executive Chairman, Andrew Purcell, commented: “This review by McDaniel and Associates lends increased confidence there are 46 million barrels of recoverable higher quality oil in just this one productive Unit 1B (one of four) of this shallowest oil-bearing structure (one of three) from our first discoveries in a ~2,500km2 onshore block where we have identified 19 additional leads. An initial field development plan for this relatively shallow/higher quality Unit 1B oil is now being finalised for partner and regulatory approvals with the goal remaining to export the first cargo before the end of 2024.”

Why on earth is the mkt just not believing this JB? S/P still bouncing along the bottom?

[JBmurc]

Why on earth is the mkt just not believing this JB? S/P still bouncing along the bottom?

MAY hasn't been good with timelines ..AP does state export production planned later this year ... market ho-hum ... think MAY has to prove upto the market the commercialization plan and see how it will work with CUBA ... Insto/Funds is happy to sit on their hands ...also MAY is waiting on JVP payments from SNGL .. would be great to see those paid

I know if Alameda discovery was in a Western nation we would have a market value closer to a Billion ... we have just such a LARGE risked valuation in place ..

It's taken just so long from initial discovery 2yrs+ ago to now final appraisal of many of these traps ... today we have the update showing a major larger OIP in the 1B structure .. to get that contingent resource to reserves were the market will wake up Biggly prob late to early next year..

End of the day MAY are holding 30% share in a GIANT OIL DISCOVERY ..IMHO later next year if we haven't been taken over we could be looking at 500+ Mmbbls 2P reserves in Export Quality oil 17-30Api..

One of the largest recent discoveries is ExxonMobil Guyana discovery with 730 million barrels of 2P reserves