We are now a PRODUCER - 19/10/23, page-21

raja1234

They already have found a huge deposit of oil in Amistad 1B. It will most likely have few hundred million barrels of recoverable oil. This, by itself, is worth billions and billions of $. The only question remaining is how much it can produce. If they can't produce at a decent rate then it will not matter how much oil is in the ground. No one is interested in 100 years of production at 2-3 thousand barrels per day. Market wants 10-20 years at +50,000 barrels per day, then the share value would be multiples of where we are now. AP is more than aware of this. Let's see the re-calculated resource number for Amistad reservoir (hopefully very soon) and a field development plan for 2024-25. This should surely re-value the company into some realistic range, reflecting the value of what they have. All of the above does not even mention Alameda 3 where (if successful) MAY resources could easily double-triple and hopefully with lighter oil ready for export. The disappointing part is that we seem to only be able to drill ONE well per 12 months. At his rate we'll be dead before any reasonable value is reflected and we can enjoy the proceeds of a winning investment. Once the proper production starts (will have to be 10+ wells in Amistad) then you'd think MAY should be revalued to a more meaningful number of over $1b in MC