ASX:MAY Bearish Analysis, page-277

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Chet89

126 Posts.

57

09/08/23

09:53

Post #: 69238385
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Originally posted by Flambeau: ↑

Update:

Sam (moderator): “…there are a group of questions Andrew, that surrounded the drill rig, um, can we just address the drill rig that’s currently located at a third party site, and will that have a delay on drilling operations, do you think, and thus delay the mobilisation back to the Alameda well pad? Um, can you just provide some context around that?”
Andrew Purcell: “…it’s an important well to Cuba too, the electricity grid in Cuba is almost entirely oil supplied, and they have a gas peaking turbine, which is low on gas, which is a material contributor to the stability of the grid and this well is going to put another gas well into that turbine, so it’s an important well for Cuba…”
Sam (moderator): “… at the moment you envisage drilling can commence by around the end of Q1?”
Andrew Purcell: “No mobilisation will commence by the end of Q1, we’ll be commencing drilling in April.”
source: Melbana Energy Limited (ASX:MAY) Investor Briefing and Webinar, 22/02/2023, ASX:MAY.

This doesn't square with ASX announcements.

So at first, it was a best guess of February, then downgraded to allow for the possibility of March by saying "drilling to commence by Q1 2023" now they have straight up said, "No" to whether they will drill Q1, and that they are hoping for April 2023 if there are no delays, but, as Andrew Purcell said in today's webinar: "...hiccups at the last minute which there always are..." source: Melbana Energy Limited (ASX:MAY) Investor Briefing and Webinar, 22/02/2023, ASX:MAY.

Pretty crazy if my hypothesis is correct that the Government or CUPET ceased control of the rig for national energy security priorities. That is a risk we all talked about but didn't think would actually happen (the Government intervening in the project operations for its own benefits).

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lold so hard

while I accept the need for helpful criticism and to avoid being trapped in echo chambers, you are splitting hairs and just trolling at this point

MAY Price at posting: 10.0¢ Sentiment: Buy Disclosure: Held
4 Upvote

0 Great analysis

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