..spot on OG...from portis MAY thread
Offer PriceA$0.02 per New ShareDeal Summary
• The Company seeks to raise A$7.1 million by way of an underwritten non-renounceable entitlement offer on the basis of one (1) new share (“New Shares”) for every six and a half (6.5) existing share held (“Entitlement Issue”), together with a one (1) for two (2) free attaching listed option exercisable at A$0.035 each with a 12 month expiry (“Attaching Options”).
• Sub-underwriters will receive one (1) sub-underwriter commitment option for every one (1) share sub-underwritten on the same terms as the Attaching Options (“Sub-underwriter Commitment Options”).
Discount
-Last price (27 July 2021) A$0.0240 16.7%
-5-day VWAP A$0.0231 13.6%
-10-day VWAP A$0.0226 11.6%
-15-day VWAP A$0.0231 13.5%
-TERP A$0.0234 14.8%
Use of ProceedsProceeds will be used to fund the following:
• Preparation for drilling at Block 9; and
• working capital.
Company OverviewMelbana Energy (MAY) is an Australian ASX listed oil and gas company with a portfolio of upcoming high impact exploration wells planned for Cuba and Australia.
Cuba – two exploration wells commencing in September 2021
• Block 9:
- Onshore block located in a prolific hydrocarbon zone with existing discoveries in block and close to large operating oil fields and storage/export terminals.
- Exploration wells are adjacent to previous discoveries and oil fields and close to existing oil field infrastructure.
- Independently assessed to have 14.8b barrels of oil-in-place, Prospective Resource 676m barrels (best estimate).
- Melbana 30% (and operator), partnered with Sonangol (National Oil Company of Angola) 70% but who are funding 85% of the costs. Melbana’s share of the costs largely met by an upfront payment of US$4m it received from Sonangol.
- Two well onshore drilling campaign to test four separate targets (and previous discoveries) with a combined Prospective Resource of 236 million barrels (best estimate).
- Good fiscal terms
180 Markets handling it..
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