May Chart, page-10135

Mate just sold his business today for just shy of $30m.. Not bad for a bit less than 10 years effort in building it up and developing a saleable product that gave the exit point.

The software platform was the exit strategy all along and for a company to shell out $30m now in the current climate says a lot for the inherent value in the IP, so good on him..

In fact full credit to anyone who has a go and makes it big.. No poppy syndrome here brother, only respect for having he balls to bet it all normally.

The best I ever managed was to blow 40k in 4 weeks at the strip club! And still waiting on my VIP card, liars haha

Tried to write it off as therapy, but most including the accountant and the ex weren't buying it....

As for the ASX, I've found making it is easy (if you'll allow me to brag).. Leaving with it to go home however is another thing indeed. PEN being the only exception as that was a true black swan that vaporized $150k instantly when FoookuShiiiima blew up in a cloud of radioactivity.

The rest I need to own responsibility for.

If only it was other people's money then we'd all make the right decisions, but nooo we are emotional creatures who get all attached. Or at least those without the skill to analyze squiggly lines are anyway.

The skill it seems is sticking to the plan or your flags or whatever and not rage betting on a falling SP caused some MD lied to you ffs... hahahahaha

As for where Melbana might be headed? Here's what AP said back

Melbana Energy’s Executive Chairman, Andrew Purcell, commented:“This is the first independent assessment of the results obtained from the drilling of the Alameda-1 well and it confirms the significant potential of what we encountered in the upper sheet. Given that moveable oil was unexpected at these shallow depths, Block 9 now has the potential to provide quicker and cheaper access to significant volumes of oil independent of the deeper zones that were the primary objectives of this well. McDaniel’s estimates of Prospective Resource have the potential to increaseif the recovery rate they assumed is greater in practice (a possibility given the oil that has been encountered in Alameda-1 appears to be less heavy, under considerably more pressure than that found offshore and, given our well is onshore, more easily able to employ many different secondary recovery techniques and orient the drilling from any direction to exploit the existing fracture system).A separate assessment will be undertaken of the resource potential of the deeper primary objectives once the drilling and testing operations at Alameda-1 have been completed.”
1 See ASX announcement dated 5 October 2021
2 Assuming a typical recovery rate for Cuban heavy oil of 4.8 - 5%





Assuming a recovery rate for heavy cuban oil of 4.8-5% the independent expert gave them 119mmbo with an 86% chance of nailing one reservoir..
Which you would assume was Alameda as that was the only one with a valid core sample I believe?

Now even Cupet use a value of 7-10% when talking about the same heavy oilfield that everyone refers to as being typical Varadero, in the Nth Cuban Heavy Oil Belt.. An area in which they not only found a lot of oil but honed their skills (Sherritt were paramount) in drilling 7km horizontal oil wells to promote enhanced recovery..



Now the fact the independent expert didn't use any of the 1A reservoir in their initial calcs as shown means that it is all cream and shouldn't just pad out the original mean estimate but actually bolster it to be larger again.. !


And unless the screwed the core up in unit 3 they will have sampled each reservoir now which upon flow/prod testing should boost the COS at a geological 86% for 1 to at least 86% for all three.. Noting full well that you could p*** oil all over Mcdaniels chesterfield lounge suite in their waiting room and they would still only give you a 92% CoS.. hehe



EC said in their opinion 88mmbo goes to 103mmbo and that's before you add in the lazy 2-5% recovery we are currently getting gypped on because McDaniels assumes heavy oil is the consistency of cold bonox paste..

Take the lower figures even and a 17% hike for A1 plus a 40% hike associated with using only 7% recovery (not 10) as opposed to the 5% on offer and you have at least a 50% increase in resource/reserve estimates in the upper sheet.

Not bad and don't forget that Turkey quoted a value of $12b usd (assumed) for an onshore resource of 150mmbo..

Melbana could easily walk away with over 40mmbo and that's at least $2-3b usd's worth

And I can't see any issue in moving the stuff, can anybody? h8tey