MAY 6.06% 3.5¢ melbana energy limited

I thought this too at first, i read it pessimistically.but the...

  1. 65 Posts.
    lightbulb Created with Sketch. 197
    I thought this too at first, i read it pessimistically.
    but the reality is; of course the shallower stuff doesn't really flow to the surface under it's own pressure - it's not high enough pressure.
    It can still be pumped to the surface very easily through many many shallow wells all over the area in the coming years as a small side project.
    The oil in the higher regions was always going to be heavier and more viscosity cause of the temperatures and pressures being lower in that first section. it was never even included in the projected estimates - for that very reason.
    The fact it IS actually recoverable, and the rock is fractured sufficiently to flow, is actually great news for that additional volume. The total recoverable volumes will now be revised up to include this find, and perhaps the calculations on volume recoverable will be a bigger surprise than people realise.

    the good things we learned today remain valid
    • The drilling is going ahead as planned and isnt having any issues.
    • There's some bonus oil in the top section, making a cheap/economical recovery of that shallow, heavier oil possible
    • The cores look great
    • When we hit zone 3 eventually (maybe it's still 2-3 weeks away? maybe 4?), that's the actual goal anyway and it is still the same as before: high pressure oil waiting to be tested and flowed.

 
watchlist Created with Sketch. Add MAY (ASX) to my watchlist
(20min delay)
Last
3.5¢
Change
0.002(6.06%)
Mkt cap ! $117.9M
Open High Low Value Volume
3.3¢ 3.6¢ 3.3¢ $577.5K 16.92M

Buyers (Bids)

No. Vol. Price($)
5 1018559 3.4¢
 

Sellers (Offers)

Price($) Vol. No.
3.5¢ 1521853 6
View Market Depth
Last trade - 16.10pm 28/06/2024 (20 minute delay) ?
MAY (ASX) Chart
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.