MAY (ASX) General discussion

Originally posted by Roch2077: ↑

When you have below the 230 million market cap for MAY is a joke and todays accumulation and coming days it should be trading at 600 million market cap (18 cents )

1. MAY movable hydrocarbons ticked and oil discovered2
2. 6.5 billion barrels of oil and conservative 388 million barrels to be appraised in coming weeks biggest discovery in more than a decade
3. 40 million in cash
4. Appraisal of same well which the initial discovery was made 12 months ago. Because of structural damage the well got delayed 12 months and now it’s in a better optimised position to maximise appraisal which was taken from the data of the original well. CEO calls it “appraisal delayed”
5.market cap 230 million
6. Market cap 15 percent higher than 88e with no cash and no discovery or resource
7. IVZ no discovery 300million market cap including options
8. STX 400 million market cap before appraisal with a 40 million barrel appraisal sending share price to 800 million market cap.
9. WGO 350 million market cap on appraisal of 32 million barrels
10. Production to start in March with appraisal. CEO and team have already prepared all the tanks and trucks for flow of oil
11. All infrastructure and roads already built and in place
12. All permits ticked off with Cuba government and have full support
13.Directors buying on market
14. hires from BHP

Its running to fair value of 15-20 cents with upside of a 1.5 billion market cap (50 cents)

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RE: Your point #1 in post 65297056 is covered by my #12 in post: 65295012

RE: Your point #2, I did include this in the VOGC valuations, however it certainly does deserve it's own point:

14) According to the latest ASX:MAY announcement, ASX:MAY have an interest in, gross 362 million barrels of prospective resources (mean, and Melbana 30%):

source: 22 Nov 2022, ASX:MAY, 2022 AGM Presentation https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02601304-3A607725?access_token=83ff96335c2d45a094df02a206a39ff4

RE: your $40million in cash, this is also worthy of a point.

15) At the end of the September, the quarterly stated that Melbana had $45,526,000.
source: extract from 25 Oct 2022, ASX:MAY, Quarterly Activities Summary period ended 30 September https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02587802-3A605450?access_token=83ff96335c2d45a094df02a206a39ff4

This is significant, because that would mean if there were 3,370,204,104 shares on issue, with a share price of $0.06/share, the market cap would be: $202,212,246.24, whereby the $45,526,000 cash makes up 22.5% of the companies market capitalisation. Therefore only $156,686,246.24 of the companies value is attributed to it's full list of assets:

source: extract from 25 Oct 2022, ASX:MAY, Quarterly Activities Summary period ended 30 September https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02587802-3A605450?access_token=83ff96335c2d45a094df02a206a39ff4

So is the 30% PSC for Block 9 only worth $156,686,246.24? Not to mention all the other tenements/assets. I believe the company is undervalued at $0.06/share.

RE: your points 6-9, yes, a comparison of all listed oil and gas companies would be worthwhile, I'll see what I can do.

RE: 10-13, I believe I covered that in post: 65295012 in my points 7-10.

RE: "hires from BHP" yes, I think the recent hires are also bullish and relevant.

16) Recent Organisational Changes (new hires):
Dr. Duncan Lockhart:

source: extract from 07/12/2022, ASX:MAY, Organisational Changes https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02609541-3A609054?access_token=83ff96335c2d45a094df02a206a39ff4

source: extract(s) from: https://www.linkedin.com/in/duncan-lockhart/details/experience/
Cate Friedlander:

source: extract(s) from: https://www.linkedin.com/in/cate-friedlander-131090/?originalSubdomain=au

source: extract(s) from: https://www.linkedin.com/in/unomakotsvanacfo/

Previously they had one person as the secretary and CFO, they have now split up the role, presumably due to an anticipated higher workload.