MAY 9.52% 2.3¢ melbana energy limited

I think placating shareholders to get some production is a...

  1. 6,501 Posts.
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    I think placating shareholders to get some production is a mistake.
    1) Potentially using materials which were meant for the Alameda-3 drill (including long lead items which can take many many months to arrive [possibly December or January]).
    2) The design is a risk, considering it is being done on the fly.
    3) Even if successful, one well and only 30% of the profits going to Melbana, is not something I consider to be a share price catalyst that is more powerful than a successful Alameda-3.

    I think they are making a mistake. This was clearly not the plan before starting the two well appraisal (it already contradicts what we were recently told were the next plans of action). I can only imagine if the share price didn’t react so negatively to the end of Alameda-2, we would probably have stayed with the original plan.

    Worst case scenario this could be an attempt to get a capital raise (because Alameda-3 was pushed back soo far, they are running out of time to capital raise off Alameda-3). I consider this to be extremely suspicious.
 
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