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.
Ann: Block 9 - Maiden Contingent Resources, page-50
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Last
5.1¢ |
Change
-0.002(3.77%) |
Mkt cap ! $171.8M | |||
| Open | High | Low | Value | Volume |
| 5.3¢ | 5.3¢ | 5.1¢ | $132.0K | 2.561M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 7 | 1417292 | 5.1¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 5.2¢ | 387368 | 3 |
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| Last trade - 16.10pm 27/05/2024 (20 minute delay) ? |
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5.1¢ |
Change
-0.002 ( 1.92 %) |
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| Open | High | Low | Volume | ||
| 5.2¢ | 5.2¢ | 5.1¢ | 2008830 | ||
| Last updated 15.41pm 27/05/2024 ? | |||||
| MAY (ASX) Chart |