MAY 6.90% 3.1¢ melbana energy limited

The Melbana Energy Limited $0.86/share Party, page-280

  1. 6,622 Posts.
    lightbulb Created with Sketch. 2505
    Very good question here is the answer I believe:
    1) He said it was a "short simple well".... is a 2300m well short? Is directional drilling under the water simple?
    2) He said it would be mobilising by about 20/03/2023 subject to updates after he arrived in Cuba. He was obviously told 20/03/2023 would not be achieved.
    3) He told us multiple times in the last webinar that everything was on schedule and then later contradicted the announcements which said "drilling to commence Q1 2023".
    4) He told us multiple times that the third party well would not cause any delays. Yet it did.
    5) I believe he is waiting to get closer to when the third party drill is finished (reaching total depth for example) for him then to say "the third party has reached total depth and they will now pack up and move to Alameda".

    In other words, to answer your question, it would be horribly embarrassing to come out on the 20/03/2023 or before and then contradict what he said in the webinar that the third party drill would not delay the schedule.

    He guessed it would be done by February.
    He reported through ASX literature that it would be drilled by Q1 2023,
    He told us in the webinar it would be mobilised by end of March.

    In other words, he has egg on his face, and I bet he wants the next announcement to be concrete and not a "guess".

    Last edited by Flambeau: 21/03/23
 
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