This is one of the more spectacular dummy spits I've seen. Moveable (thus recoverable, thus saleable) onshore oil
90% of wells worldwide require some form of pumping to either make viable or increase rate. Almost all US onshore wells flow at lower rates than what Unit 3 testing implies.
From a market cap numbers point of view it's interesting that the market appears to have valued Amistad at ~$100M, given drop today is thereabouts. If it now (weirdly) values it at zero this implies a max value of 200M for Alameda and Marti. If there is still some residual value for Amistad allowed by the market via artificial lift then the value for Alameda and Marti actually drops by that implied value for Amistad.
But absolute worst value case for Amistad / best value case for Alameda & Marti is $200M for the following description (of just the Marti section):
"Before drilling of the side track could commence, oil once again started to flow into the well bore;probably due the reservoir pressure previously encountered at total depth exceeding the strengthof the ~250 metre cement plug that had been put in place."
I'm no Fields Medalist but that seems like a serious under-pricing to me.
MAY Price at posting:
7.2¢ Sentiment: Hold Disclosure: Held
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