The hopium on this thread is pretty amazing. This is a company that has obliterated its asset through managerial and technological errors and people still think it is on its way to the moon. In view of these fairly dire flow rates OEL seems like a good comparison / cautionary tale. It has a bunch of minority interests in fields at flow rates around 3x MAYs (in a less fraught jurisdiction) and it has a negative EV. Tough to think that MAY get any sort of favourable financing terms based on these flow rates and so even if they avoid a cap raise to fund the wells the financing terms will likely be pretty onerous.
I'm not sure what people think the share price can meaningfully move to given these flow rates, and the history of management failures at generating strong flow rates to justify attractive financing for additional drilling / wells. Today felt like a pretty good exit opportunity...
MAY Price at posting:
2.8¢ Sentiment: Sell Disclosure: Not Held
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