The oil is there but the question is can they 100% raise the reservoir output? This isnt a 100%. And at 300 barrels a day which is what 1b currently produces at (with no assistance) 60 net to MAY per day per well. So far they havnt come out and said how they will 100% fix the flow rates for 1b only that options are being explored.
Loss of confidence in the team and their expertise has led to this drastic fall today imo. Yes 1b is next but is 1b fixable is now the question? Maybe the current MAY team arnt capable of fixing it and they need outside help (more bills with no money)
Personally i dont think we will be producing 5k bopd by the end of the year but i hope im wrong!
If and when they come out with a fix to 1bs flow rates I will buy more. Until they can fix that the share price will continue to tank as 1b is all MAY has at this point in time now
Ann: Block 9 Alameda 3 Appraisal Update (Alameda reservoir), page-585
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Last
2.2¢ |
Change
0.000(0.00%) |
Mkt cap ! $74.14M | |||
| Open | High | Low | Value | Volume |
| 2.2¢ | 2.3¢ | 2.2¢ | $23.54K | 1.063M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 12 | 1839170 | 2.2¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 2.3¢ | 237903 | 3 |
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| Last trade - 16.10pm 23/08/2024 (20 minute delay) ? |
| MAY (ASX) Chart |