Agree with the sentiment, but I can't see Melbana doing more...

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amlamlaml

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07/07/23

11:23

Post #: 68670594
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Originally posted by alexei ii: ↑

nope. Its Sherritt doing the work. That particular element (plastic bucket used to "collect" oil samples) seems a bit tardy, but then again, they do this every day for the last 20-30 years. Have a loook at the 2021 shot...

@VOGC is spot on - again!! imo, MAYs biggest challenge will be what part of the Amistad to develop first. 1A, 1B, 2 or 3? ...or do they commit the funds to Marti or Alameda!! Based on the words in the present announcement, my guess is they are looking to do some low cap ex work on Amistad first to get some cash flow, while they drill Marti/Alameda. Once they "prove" Marti and Alameda (and its a big as we all think) they will imo need to go down the path of a bit of spend for staging tanks, separators and pipelines - that will be a more complex development.

Have a look at this (below)...theres another 5 potential pay zones in 1A (and I stand corrected, the 252 m of unlogged hole was in this upper section, the 42m of hole that could not be logged is in the lowest section Amistad 3). We've tested the upper 60m of the 252 m of unlogged section. So theres plenty to come in 1A, 1B. 2 and 3. The most significant thing about this announcement is that the oil in the Amistad does flow (to the surface in fact) and there is heaps of pay to come!!

VOGC, I think they're saying fault/lithologic seal between 1A and 1B...see below
And like you i read the 65 m as "pay" (albeit in fractured rock which can be tricky) so we have 65 to add to the 48. Consider this, the 48 alone gave 1.5 B bbl OIP. By inference, you could now double that figure. How is this not significant!!!???

Can you see why what they encountered in the 1A reservoir is significant?

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Agree with the sentiment, but I can't see Melbana doing more than one operation at a time. I would though, love to see Amistad being drilled for production whilst A-3 is ongoing.

MAY Price at posting: 9.1¢ Sentiment: None Disclosure: Held
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