Ann: Block 9 Alameda 3 Appraisal Update (Alameda reservoir), page-891

And how many of those barrels do you think they will get out of the ground before their production sharing contract expires?

What you might not realise, along with most other shareholders is Cuba doesn't treat their explorers and producers with the same level of courtesy as Australia. For example when Sherritt's PSC expired, they lost their permit... In Australia you simply renew and roll onto a "retention lease" or "production licence".

For example:

source: https://public.neats.nopta.gov.au/Opggs/Title

Woodside et. al. received this 1998 production licence, renewed it in 2009 and now has it until 2040. Whereas Melbana has a production sharing contract and once that expires, there is likely not to be any option to renew, just like Sherritt.

The problem is... even according to their own production schedule they are already way off:

source: 20 Dec 2023, ASX:MAY, Investor Webinar Presentation https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02756333-3A633655

If they now admit that Amistad 1B could only flow consistently long term at 293bbl/d... That means they need 17 wells at 293bbl/d (source: 74631961) to reach their 2024 target...

The biggest problem with this is, if they don't pull the oil out of the ground before the PSC expires, I believe they will lose it all.

“Awarded Block 9 PSC (MEO 100%*) in September 2015 for 25 year term” source: MEO Investor Presentation April 2016-MEO.AX, 15/04/16, https://hotcopper.com.au/documentembed?id=uOMxKKzFkiWRTLKhOROKAxjvFDZpiwu1k1e81Oh0%2BtBNT7rJGI8SWhdnP1HhlFA%3D (17509867)


source: https://www.timeanddate.com/

They said 5,000 by 2024 according to their schedule. But at the moment if they only have wells that can do 293bbl/d, then they need 17 wells in 2024 to meet the same target (5000/293 = 17.06)... OR.... it would take 17x longer.

I believe it appears they will only have enough time for Amistad from now on until their PSC expires (considering 293bbl/d and funding issues and a track record of delays).

Also, why on Earth did they release a concept production schedule using the data from before the extended flow test? Why wouldn't you use the data from the extended flow test? They released this after Alameda-3 spudded soo... hmm... that is a bit dodgy in my opinion.