I think it’s because of the epic financial squeeze being applied by Sonangol. Look at MAY’s half yearly report. Page 9 makes it clear what the problem with the JV is. Especially relevant is that Sonangol were supposed to pay 100% of first 2 wells. They appear to have short paid $10m last financial year and another $10m so far to end of December. I’m guessing AP hopes to recover the shortfall from oil sales but MAY will be in a severe financial state by now. I hope I’m wrong but it explains the market disinterest. Not news the fan boys will want to hear but wilful blindness is well known to end up in financial disaster.
DYOR
Ann: Block 9 - Maiden Contingent Resources, page-237
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Last
2.0¢ |
Change
0.000(0.00%) |
Mkt cap ! $67.40M | |||
| Open | High | Low | Value | Volume |
| 2.0¢ | 2.1¢ | 2.0¢ | $37.57K | 1.856M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 37 | 11509043 | 2.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 2.1¢ | 1523856 | 5 |
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| MAY (ASX) Chart |