The FA:
At this depth, they had "elevated gas readings" and "oil in mud at surface", there was an "increase in pressure detected at approximately 1,800m". This means the possibility is greater of an "oil and gas discovery", which means we might be moving across the below diagram, getting ever so closer to declaring a "reserve".
Usually, a premium is demanded when an explorer turns into a producer (increase in the share price).
source: https://www.accc.gov.au/system/files/Framework%20for%20the%20consistent%20reporting%20of%20natural%20gas%20reserves%20and%20resources_0.pdfsource: extract from, 26 Oct 2021, ASX:MAY, Alameda-1 Drilling Update: https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02441176-3A579206?access_token=83ff96335c2d45a094df02a206a39ff4
source: extract from, 2 Nov 2021, ASX:MAY, Alameda-1 Drilling Update https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02446234-3A580070?access_token=83ff96335c2d45a094df02a206a39ff4
source: extract from, 2 Nov 2021, ASX:MAY, Alameda-1 Drilling Update https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02446234-3A580070?access_token=83ff96335c2d45a094df02a206a39ff4
May Chart, page-9543
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