Just hope that the Purcell link to Melbana (MEO/MAY) doesn't translate to a deal being done there. Looks like good acreage in Cuba, but no evidence of any near term catalysts/production that I can see.
BYE still are not fully funded for SM71 which is estimated to have initial production of 2,000+ bopd. A 10% working/8% revenue interest could be a good trade for the funding required to get it to production - whilst keeping the $8 million loan in place. Would see a payback of less than a year with optionality on future wells which could tie into the platform and provide synergistic efficiency. No idea how likely that is, and also a bit of an 'all in one basket' risk after they essentially blew $10m via the return of capital.
MEL Price at posting:
4.5¢ Sentiment: Hold Disclosure: Held
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