Why did MAY initially fall over 25% after the webinar, page-71

Depends on the payment terms they have with Sherrit and other contractors (probably 60 days from invoice, etc) Don't forget 15% of that $27m is Melbana's management fee.

I have thought for a while that they were most liekly looking at a major investor/farmin partner for Cuba, it was a source of funding mentioned in the Singapore webinar.

From the webinar the farm-in would be a share-of the joint venture and it makes sense. You just have to look at the farm-in arrangement with Sonagal to see how it would benefit. Sonangol paid US$10m plus 85% of the first 2 wells, then 70% of these last 2 wells, as such Investment is probably around $80m to $100m.

A new farmin partner will not be taking part in risky exploration wells but in de-risked development/production with certified reserves. IMO opinion someone paying for the next 5 or 7 production wells for a say 20-30% share, would be a good result for all partiies