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3.0¢ melbana energy limited

Ann: Update on Appraisal Well Drilling Program Timetable, page-232

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mickeebee

3,782 Posts.

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29/03/23

11:21

Post #: 67017069
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Originally posted by afawcett: ↑

Deus_Wx_102,

Owning and operating a rig is expensive, the best option would be to approach Sherrit and bring them onboard or look at buying their energy division.

The rationale behind them having their own rig would be the issue of sourcing a rig in Cuba and the need to drill new producers continuously when they operated some of the heavy oil fields. These wells produced 3-5mmbo each so I could imagine replacements were needed after a year due to production declines. I could imagine Cupet would require a base level of production to maintain the oil refinery and power plant. I think Rosneft took over these concessions as part of their oil supply deal to supplement decreasing local production with Russian crude. Hence the issues of Cupet owing money to Sherrit.

With anything in Cuba there are no clear cut due to the nature of business and politics. Luckily the Cubans aren't corrupt but have an odd way of doing business.

best of luck holders

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and what can our lovely 70% partner bring to the table??? they have more than twice the skin in the game.....lets see some active planning and less thumb twiddling....!

april/may wasted. rig wont be mobilized til mid-may at the earliest.....

this wont move til June at the latest....!

MAY Price at posting: 5.9¢ Sentiment: Buy Disclosure: Held
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