So, after spending a good amount of time thinking about it. I think one plausible explanation is that they submitted their results to the certifier, and the certifier might have said "that is insufficient to declare" x, y, z. for e.g they might have been missing some variables listed here:
69025924 and
69026073. Then they might have thought "expletive and #$%#$!", then they realised they might have had to go back and do a longer extended flow test.
Why do I think this? As I said before, Ben E tested them in the previous webinar, and asked for specifics to determine the reliability of their claim, the company could not provide the information (saying they didn't have it in front of them... which is suspicious, this is the one bit of information that the whole entire appraisal is all about and they conveniently don't have it to share?), which I and like many other veteran investors, probably thought this was extremely suspicious (probably the whole reason the share price is where it is to be honest). Combine that with the fact that if they didn't pull out a good news announcement right after the precipitous fall, the share price could have tested long term lows e.g 4cents (highly coincidental).
Ben E: “…This is for Duncan it’s probably more related to what you saw on the flow testing, um, I’m just looking through the announcement apologies if I missed it, but have you got
any surface pressures, ahh,
shut in and flowing, I noticed you did three shut-ins, or two shut-in events after the cleanup.
Did you see the formation recharge well or?”
Duncan: “Yes we did, ah
I don’t have the actual numbers here in front of me but yes, the formation behaved in an exceptionally good manner. In addition to, the lower section in particular 1B, which we perforated which is highly fractured, the upper section of 1B actually did have good primary porosity and permeability and that was basically reflected by the way that the shut in, the well, the behaviour in the shut-in periods, with the well.
So im sorry but I don’t have those numbers conveniently at my finger tips, but suffice to say that yes it behaved very well.”
source:
https://www.youtube.com/watch?v=ZWsdnBJTxOM&ab_channel=InvestorStream Investor Stream Webinar Series: Melbana Energy (ASX:MAY) Investor Briefing (August 28, 2023)
(20min delay)