Ann: Block 9 Alameda 3 Appraisal Update (Alameda reservoir), page-720

Dude, you don't get it do you?
Its got nothing to do with whether Sonangol CAN pay them.
If you subscribe to that theory, why did they owe May $30m + at the last end of 1st quarter? (Close to TWO years JV payments).
Sonangol will probably end up with 100% unfortunately but the crazy farm out deal that May signed with them pretty much sealed their fate.
May gave away the upside, kept all the financial risk and the local work and screwed us all in the process IMO.
As for May having a pile of cash, think again. It's all pretty much locked up funds from the Beehive deal (USD7.5M) and the money Sonangol 'owes' them.
May will likely go bust or sell out of Cuba for a token price I suspect. I really hope I'm wrong but nothing in the last two years has gone the way I hoped.
Who would have thought a year ago that we would still be in Cuba in July 2024, who knows how many millions spent and still no oil.

GLTH's.