Last news we had from the company on this was that oil was being STORED, not loaded / shipped. SHIPPED would imply that a contract had been signed, as as this would / may impact the share price it would be disclosable. As they have not disclosed / announced anything, we can assume that the status quo exists (i.e. the oil is being taken by trucks and STORED).
Not sure why everyone is ship-watching. No contract, no shipment.
More likely - the next news from the company will be the spudding of Amistad-2, and an update on additional pad preparations (or, at the least, confirmation that the rig has been moved to the pad in preparation for spud). IMO we are further away from "shipment" than the company lets on. The October Cuba Energy Conference in Madrid would be seen as an aspirational date to be able to report on first shipment and contract. By October Amistad-3 will also be flowing, so we could have combined flows of 1500-2500bopd. Hopefully.
This is a slow burn. Give it 12 months and we should have 2000-4000bopd, contracts, and shipments. And hopefully a share price more reflective of where Melbana is going.
My play: Buy, ignore (noise), hold, wait, wait, wait, then reap rewards of patience.
Regards Kit
MAY Price at posting:
2.5¢ Sentiment: Buy Disclosure: Held
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