For those interested just posting my summary of the AGM Presentation & Chairman's Address - a lot to unpack.
Numbers below relate to number in Slides 1, 2 & 3.
1. IMO, good potential that A-2's Unit 1B recompletion could exceed the original stabilized 1,200 bopd flow rate. Reasons listed & potential that MAY are planning an Open-hole (Barefoot) Completion as well? Note, the term Well Completion has a broad meaning for everything that happens between the end of the drilling process and the moment a well is put on production.
2. Looks very much like the once mentioned Farmout to develop the Amistad Unit 1B has been shelved at this point - IMO, an excellent decision considering the Unit 1B's potential that MAY have mentioned / implied.
3. Would expect in next 6 months that, hopefully, the first (and possibly second?) payments for first two oil cargos have been received. Potentially, a material de-risking event(s) for institutions etc., as proof of MAY being able to achieve a sustainable cashflow & in a timely manner.
4. With respect to Alameda-3 not flowing MAY's comment "Reservoir permeability too low - Possible ... - IMO, see MAY as using the term "Possible" as just them being very cautious.
5. From MAY's own comments, and previous information they have provided / mentioned, would strongly think that the Alameda & Marti reservoirs not flowing is due to Formation damage & partial mud clean-out / mud properties.
6.See MAY's comment "Most probably a combination of low permeability rocks ..." as potentially very confusing with respect to what they state in previous Slides. IMO, MAY are relating here to the rock matrix being of low permeability which we already know it is. With the Alameda & Marti formations to predominantly have fracture & vug porosity & permeability.
7. MAY's comment " No evidence for Jurassic or Tertiary rocks within the folded section." Is very good news as it supports the current structural model for the local area.
8. IMO, MAY needs to clarify their areas for 1C & 2C volumes. From my oil & gas industry experience, I believe MAY are potentially being deliberately coy about what the C1 & C2 areas actually are until they have flow data from A-2's Unit 1B recompletion and potentially the first two or so development wells. Once they have success from these wells then, hopefully, they will release more IMO realistic volumes that are allude to from comments in ASX 25/3/24.
GLTAH Cheers VOGC
MAY Price at posting:
2.8¢ Sentiment: Buy Disclosure: Held
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