When the stock is down the negatives calling for 1c are right. When the stock goes up the postives calling for $1 are also right.
Though coping a bruising I still no reason to let go of Melbana and see it as a buy under 30c. I keep to the facts. In 6 months think what the share price of MAY will be
1) Deposit upper sheet confirmed 2 5billion barrels in place by asx announcements. 2) Alameda deposit 2 is larger and could have ? billions barrel in place. Report out in May before Zapato drill spuds. 3) Marti deposit 3 even larger drilled and awaiting results for ? Billions of barrell in June.
4) Drill Beehive at year end one of biggest oil potential deposit in WA from 250 mil to 1.5 billion barrels of oil. Beehive potential not reflected in share price 5) Solution to flow testing the high pressure Marti and Alaneda well found in may june 6) Zapato results not reflected in share price 7) block 9 revalued up .
For those that say going from 2c to 8.9c is already a big rise need to remember that at 2c -the company had failed to farm out Beehive and failed to drill block block 9, drilled dusters from past wells, oil price was $20 and covid in full outbreak.
At 8.9c the company has raised 15m has cash 32mil, drilled three world scale deposits on alameda, ready to drill the massive Zapato resource, Planning to produce oil and oil price is $100. Seems cheap at this rate.
I would not recommend to panic and flee on Monday nor for next few months.
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