MAY
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5.26% 3.6¢ melbana energy limited

Ann: Binding farmout agreement signed for Block 9, page-4

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  1. stumpytrunks
    6,610 Posts.
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    02/01/19
    11:01
    Post #: 37000923
    Wow, they sold the farm! Had been watching to see what they did, but ultimately have sold the farm for a 12.5% royalty on profit oil. With drilling and production costs needing to be absorbed first, I can't see there being any cash benefit flowing to MAY for at least two years. Looks like the strategy is to gamble on Beehive and sell that interest if it comes in. Otherwise you simply have an investment shell now.
    MAY Price at posting: 1.5¢ Sentiment: None Disclosure: Not Held
    Likes Created with Sketch. 2  Upvote
    lightbulb Created with Sketch. 1  Great analysis
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3.6¢ 		Change
-0.002(5.26%) 		Mkt cap ! $121.3M
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