MAY - Melbana Energy

[nztx]

Gez .. all the armchair Oil Experts over yonder are now kicking over the tables


Any news on the fella who lost his cigar box down the hole ?


If everyone's hell bent on selling, I'd like to know who's on the buying end ?

[Azza]

I'll be a small order

[Valuegrowth]

Wow. Volatile is the word. .064 to .033 within the days trading so far today. Does this mean they have new data that isn't looking great?

Volatilityis a trader’s best friend. I have read just like human being stocks have their own personality. Some can have short term spikes. I have also seen some volatile stocks have become mutibaggers in the long run. Besides there are two types of stocks. Investment grade stocks and trading stocks. Some stocks are ideal for very short-term trading.Some are seasonal plays and cyclical plays.

[JBmurc]

Not a great day for this holder ...was up the mountain Snowboarding checked on market open 6.1c etc thinking I'd be right just check again when I got home 3-4pm and thought I should sell least all of my recent trading parcel aka another 500k shares ..bit no too late 3.3c close

I see no point selling at 111mil Marketcap

The management at MAY failed to deliver on the whole Cuban project since Alameda Discovery. They should have started contracting multiple rigs a couple of years ago to generate cash flows in the 1B (this is our new plan moving forward). Additionally, they should have disregarded the time wasted on "Zapato-1"
then used those funds to do the much-needed 3D Seismic the GEO Engineers wanted pre going back in to test the deeper targets to get a better understanding of the structures.. as we have seen the well engineers stuffed up the deeper drill in poor understanding from limited tech

[Baa_Baa]

So, is it fecked, or is this a minor set back. Doesn't look good losing 50% or so market cap in a single day. Who knows how to interpret this latest announcement that slammed the SP?

[nztx]

Not a great day for this holder ...was up the mountain Snowboarding checked on market open 6.1c etc thinking I'd be right just check again when I got home 3-4pm and thought I should sell least all of my recent trading parcel aka another 500k shares ..bit no too late 3.3c close

I see no point selling at 111mil Marketcap

The management at MAY failed to deliver on the whole Cuban project since Alameda Discovery. They should have started contracting multiple rigs a couple of years ago to generate cash flows in the 1B (this is our new plan moving forward). Additionally, they should have disregarded the time wasted on "Zapato-1"
then used those funds to do the much-needed 3D Seismic the GEO Engineers wanted pre going back in to test the deeper targets to get a better understanding of the structures.. as we have seen the well engineers stuffed up the deeper drill in poor understanding from limited tech

Aside from the US embargos there has to be a reason why these tracts were largely left until recently.

Maybe the depth & structure is troublesome even for an experiennced crew as MAY have onboard ?

That is what has come out along the way out of Cuba to date, with perhaps encouraging or wishful parts.

The Angolans & Tech Teams are no slugs in the game,, so must have considered what could be there for a little perserverance & patience in overcoming the obstacles

[JBmurc]

Yes so many Questions.. did the drill team damage the formation? Over-pressured mud .. How much smarter would it have been to secure 3D prior to the drilling to get a better interpretation of the formations like MAY Chief engineer wanted Vs banker MD AP wanting the hype from commercial discovery asap … now looks like the rush job was a massive stuff up which took longer anyway .. what is SNGL 70% JVP view going forward ..will we see the deeper traps left for another day and now just focus on the Amistads 3x oil rich structures potentially upwards billion bbls 8api to 19api .. I hold slim hopes we can see Cuba as a productive asset worth more than present Mrktcap but how long till that’s realised??

I’m not selling but not buying either we see low 4s again with no real material updates I’ll prob sell least a third of my holding