They raise good points. Most of that is covered by the discount to the Gulf Coast Fuel Oil Number 6 reference prices and 20-30years of oil trade by Sherritt from Cuba. Even if Melbana only gets 20-30years of oil trade, and even if they take the discount to the gulf coast fuel prices, 67.5% of the PSC, and 30% of the remaining share, that is still billions of dollars lol.
I think it was a well balanced article, good journalism, they mentioned: "For Sherrit International has been producing in the next block over for decades now." which balances their bearish information.
I think the main reason(s) it went down is because of people being metaphorically shell shocked by the previous gap down, and others possibly thinking the news catalysts have ended (possibly not realising Alameda-3 might be on the way, unless the rig gets taken again by Sherritt/Cuba to drill for more gas).
Ann: Alameda-2 - Successful Flow Test of Lighter Oil to Surface, page-393
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3.1¢ |
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Mkt cap ! $104.4M | |||
| Open | High | Low | Value | Volume |
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| No. | Vol. | Price($) |
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| 13 | 1151258 | 3.0¢ |
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| 3.1¢ | 367393 | 3 |
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| Last trade - 16.10pm 15/11/2024 (20 minute delay) ? |
| MAY (ASX) Chart |