MAY - Melbana Energy

[nztx]

Drilling & Logging Update:

29 March 2022

https://cdn-api.markitdigital.com/ap...df02a206a39ff4

looks like logging the very bottom of Marti wasn't possible

doesn't look too foul, infact rather pretty encouraging IMO

[nztx]

The nervous nellies unloading / tree shake look like they're creating one heck of an opportunity to top up

Good grief .. being sold down contrary to the update .. time to go shopping @ 11.5c on CHI-x currently

[Paddie]

The nervous nellies unloading / tree shake look like they're creating one heck of an opportunity to top up

Good grief .. being sold down contrary to the update .. time to go shopping @ 11.5c on CHI-x currently

I couldn't agree more, nothing wrong with the announcement. I am putting another buy order in.

[Paddie]

I just brought more MAY at 10.5c, crazy prices.

[JBmurc]

Yes Big boys playing games forcing traders retailers out of their positions .. Overall the ann was positive ...

Melbana Energy’s Executive Chairman, Andrew Purcell, commented: “We’re not sure if we’re
seeing evidence of the full extent of this hydrocarbon interval in the Marti sheet, but even if it turns
out to be so we’ve got about 300 mTVD of gross hydrocarbon interval - the bottom of which is
estimated to be some 500 mTVD from the crest of the Marti structure given we intercepted it down
dip. Efforts are now turned to preparations for flow testing.”


And we still have the Alameda trap structure ...

[younga]

May I ask how bad water in the hole is? Sold some options at 9.6 and bought some at 8.8 and 10...just guessing at the moment so please enlighten me

[Sous87]

From the conversations on HC my understanding is that water that far down is not to be worried about. The oil sits on top of water and there’s about 300-500m of hydrocarbons before it gets down to the water level. Also water helps with create pressure which is good.

[JBmurc]

From the conversations on HC my understanding is that water that far down is not to be worried about. The oil sits on top of water and there’s about 300-500m of hydrocarbons before it gets down to the water level. Also water helps with create pressure which is good.

Yes just go look at the Diagram of a classic Oil Trap ... water under the oil is standard ..I think some of the spec traders market took it that somehow MAY had made a mistake and is going have issues with this lower trap ... but I don't think this is the case..... The wirelog update in fact tells you there is a huge resource there justifying flow tests..... they wouldn't do this in this lower trap wasn't looking commercial ..

[JBmurc]

And off we go back upwards .. Just how many Billions of bbls of oil has MAY got ....2.5Bill in the shallow.. will have flow tests out 11th-13th from the sidetrack ...

[Sous87]

Houston we are cleared for launch.
Seriously good confirmation of what’s in the ground has just come in!!