MAY 4.00% 2.6¢ melbana energy limited

Ann: Zapato-1st Drilling Update and Option Expiry Reminder, page-142

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    I think today is FOMO trading after options arbitrage has closed. Its possible to be a leaky ship from drillers but it's a bit early in my view to be entirely sure.

    Zapato is a large structure and understanding if it's charged is one part, it's knowing it's filled to spill is extremely important. The oil in the volcanics points to either a fill to spill or a breached trap, it's an interesting time. I would hope to see the SP at 15c if we get a discovery and a further jump to 22c if we get a roadmap to development. Drilling the 1km could take a month or two if pressures and complexities exist. I would think it's highly fractured and pressured like alameda/Marti.
 
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