PAC Partners release this morning
Unexpected failure of Alameda Formation flow testOur risked valuation for Melbana Energy Limited (ASX:MAY) is $0.073/share - from $0.145/shareMiddle Section (Alameda Formation) flow test of Alameda-3 well fails to flow to surface. An unexpected, disappointing, if still ambiguous outcome.
Similar problem to the Lower Section (Marti Formation) inconclusive flow test
- Despite a different flow test design and an initial rise in pressure to 3,031 psi suggestive of movement, the Alameda Formation test failed.
- The Alameda-3 well is to be suspended for future re-entry once remedial action is devised. We have altered our valuation to reflect the uncertainty.
- MAY’s activities focus moves to oil production commercialisation activities of the Upper Section (Amistad) Unit1B discovery made in 2023...
Ann: Block 9 Alameda 3 Appraisal Update (Alameda reservoir), page-510
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Last
3.1¢ |
Change
-0.001(3.13%) |
Mkt cap ! $104.4M | |||
| Open | High | Low | Value | Volume |
| 3.1¢ | 3.1¢ | 3.0¢ | $29.78K | 986.3K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 13 | 1151258 | 3.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 3.1¢ | 367393 | 3 |
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| MAY (ASX) Chart |