MAY - Melbana Energy

[nztx]

Such enticing temptations out there for those who know where to look

wonder if the Cubans would mind chucking in few free pineapples and bags of sugar ?

[JBmurc]

Such enticing temptations out there for those who know where to look

wonder if the Cubans would mind chucking in few free pineapples and bags of sugar ?

I'm sure the Cuban Govt will be falling over themselves to smooth the way to production if MAY do indeed have seriously large OIL deposit

[nztx]

Today's MAY announcement - Zapato-1 drill @ 2642m and still in hard volcanics

Loose hands appear to still be selling down

[JBmurc]

Today's MAY announcement - Zapato-1 drill @ 2642m and still in hard volcanics

Loose hands appear to still be selling down

Getting close now ... maybe before the weeks out we get update on some oil on the shakers etc ... need something positive getting hammered of late

[nztx]

Getting close now ... maybe before the weeks out we get update on some oil on the shakers etc ... need something positive getting hammered of late

Indeed JB .. I almost forgot the Aussie ASX was open today until I saw the announcement email from MAY's website come in

[nztx]

Very hard volcanic rock, power outages, oil refineries burned out and then a large
tropical storm blasting through .. the SP continues to show tatters and the odd flutter
out of putting even the most seasoned investors through the Cuban adventure

[JBmurc]

well another week down it seems like an age of waiting ... maybe next week straight into Trading halt to ann on massive OIL gas kick ...oil on shakers etc

[JBmurc]

Melbana Energy’s Executive Chairman, Andrew Purcell, commented: “We continue to persist
with the drilling of Zapato-1 as we believe there must be a productive hydrocarbon zone underneath
the volcanics we’re drilling through, given the light crude that existed in the shallow section at
Motembo. We chose the Zapato structure for our second exploration well not just for its potential in
its own right but because establishing the validity of this thesis unlocks the potential for similar and
multiple very large plays in adjacent structures in Block 9, such as the A2 lead. As previously
flagged, the massive adjacent Varadero field that has been in production since the late 70s was
drilled on a similar gravity anomaly and that those rocks are the same as what has been thrust
deeper at Zapato. As such, we will continue drilling Zapato in the immediate term with the aim of
discovering a productive hydrocarbon zone. Concurrently, we are planning a return to Alameda so
we can start appraising the material volumes of moveable hydrocarbons we found there. Recent
option conversions have strengthened our cash balance and we are well-placed for an extensive
works program.”

[nztx]

I'm waiting for the 5.0c bargain basement level to be reached

[JBmurc]

I'm waiting for the 5.0c bargain basement level to be reached

Maybe could well be another 10days+ if Zapato is a duster below the volcanics MAY will dip maybe even into the 4's briefly ..

the market has hammered MAY for the length of time to see any material flow-rates / production plans etc ... really because much of the daily moves come from traders and retailers ... the smart are holding tight and BUYing more at these levels ...

IMHO downside in the Short term 4c range .... upside short term 20-30c if Zapato major success ....longer term 2023-25..... 50c+