MAY

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2.2¢ melbana energy limited

Ann: Block 9 Alameda 3 Appraisal Update (Alameda reservoir), page-228

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alexei ii

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27/06/24

17:02

Post #: 74511475
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Originally posted by Teji: ↑

I think my issue lies with the boards transparency....I'm quite fine with technical obstacles. This is O&G. Here is my summary of the present issue:

This is what they said on flow testing Marti... ( no annoucement)

...... (NOTHING)

This is what they said on flow testing Alameda...

Alameda-3 Flow Testing Commences (excerpts only)

The Company confirms that flow testing has now commenced for the Alameda reservoir, over a perforated interval of 3272-3450mMD

A contributing factor to the lower-than-expected performance of the Marti reservoir could be attributable to emulsions formed between oil and drilling mud in the lower portion of the test string.

Those concerns have been incorporated into the design of the Alameda reservoir flow testing program to monitor for anomalies, gain further insights into flow rates optimisation and improve results.
So what is the shareholder/investor "reasonable" reaction to this annouNcement about Alameda-3 flow testing commencing : OK...this is different! there's a declaration of the flow test start (unlike Marti), concerns from Marti have been incorporated, a timeline of 5 days (Marti - took about 8 days), they've already started... and by the time of announcement (8-9 hours later) there are no issues to stop this announcement. Cool! Looks good.

Is there an issue here about the 2 announcements? In my mind....absolutely. The communication with shareholders and investors has been a deception and prevarication...(please do look up the word if unfamiliar...it's a noun i usually ascribed to politicians, and other disingenuous folks, sometimes bankers).

I will attend the next AGM.

peace.

PS: I have total belief in the project and it's ability to deliver shareholder's a handsome return.

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yep, they should have called a trading halt PRIOR to the commencement of trading today. No sugar coating it. GFY Purcell and board.

MAY Price at posting: 3.3¢ Sentiment: None Disclosure: Held
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Ann: Block 9 Alameda 3 Appraisal Update (Alameda reservoir), page-228

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Ann: Block 9 Alameda 3 Appraisal Update (Alameda reservoir), page-228

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