MAY 18.2% 3.9¢ melbana energy limited

AGM tomorrow, page-12

  1. 269 Posts.
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    An overall pretty positive meeting.
    Board believes Santa Cruz has the best chance of producing income first. No mention of quantum however. The cubans are apparently very easy to deal with and the plan is to sell everything to the domestic market.
    I had a frank discussion with RZ afterward, told me he "busted his balls" trying to get back costs in the block 9 deal. But overall they took the best deal on offer. I get the feeling there were other offers with back costs, but not for 3 drill commitments, more '1 and done' type deals.  The Chinese are attractive because they just want the drill bit in the earth and go about their business.
    No reason that Santa Cruz and a Block 9 binding deal wont be signed in December; the team are heading back to Cuba next week.
    The answer to the NZ question was basically "technically difficulties", the team made a commercial decision as to the further investment required in comparison to the potential return and just got what they could out of walking away.
    Beehive analysis expected to be completed by Feb 19.
    No real reason given for the recent resurgence in Tassie Shoal in the presentations.
    Finally, seems like we will list on AIM, but no timeline given.

 
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