Expect some updates from PAC partners, Petra Capital and Evolution Capital Research reports of Aug/Sept 2023 - all of which gave a target price of 19cents to 23 cents based on previous McDaniel report.
Evolution Capital derived a value of 23 cents based on the following: MAY valuation: Our sum of the parts valuation considers a 25% (or 75% risk discount) of the Cuba PSC 9 NPV estimated using an oil NPV price of US$25/bbl with a valuation of A$650.8 million or $0.19 per share. Factoring the other acreage and volumes held by MAY we assume a 90-95% risk discount and an oil NPV price of US$10/bbl. Our total sum of parts valuation of MAY comes to $758.2 million or $0.23 per share.
Even on 90-95% risk discount and oil price of US10bbl values Melbana 30% share of the 46mbbl alone at US$138m - if the lower risk discount of US 24bbl it comes in US331m.
There shouldn;t be any issue obtaining funding for future development, 3d, etc.
MAY Price at posting:
6.1¢ Sentiment: Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)