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3.23%

3.0¢ melbana energy limited

Alameda - 1 - reserves due end of JUNE.., page-60

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21/06/22

18:48

Post #: 62120751
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Originally posted by Feral54: ↑

Yes, as Justinmetals states : good point. I was looking at the close view from drilling not the big picture whereupon Mx have already stated the obvious. Just a further point, MAY has been unable to flow test any of the 3 reservoirs so we dont have a reliable indicator of the API of the discoveries. So the RF of 5%is based on Cuban heavy oil average of 14 API. I suspect that the API for Alameda will be closer to 24 to 40 API and recovery will approximate 10% or higher with modern recovery techniques so that means the upper sheet 119mbls will morph into 240mbls and this will be exceeded by both lower reservoirs. In part this is the reason I say 500m is my lowest starting estimate. I think the company has deliberately not given us any guidance because the final figures are remarkable and would promulgate a credibility gap. They need the independant report.
This should not be considered upramping just my honest opinion. There would be a dozen or more posters/readers here with similar long term exposure to O&G and have watched the drill reports, who I am sure would agree but you would have to drag it out of them. Feral doesnt care about naysayers and knockers.

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MAY Price at posting: 7.6¢ Sentiment: None Disclosure: Held
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