Melbana has executed a conditional non binding Letter of Intent for the divestment of its 30% interest in PEP51153 to its Joint Venture partner for A$100K cash.The conditions included an extension of current permit or revised permit to be issued by New Zealand Government, which may or may not occur. If the transaction completes, Melbana will be relieved of future permit expenditure and any rehabilitation requirements. Divestment options for the AC Blocks and core assets were sought to allow for Melbana to focus its resources on its core Cuban and Australian assets.
Well that hopefully ends an expensive and time consuming exercise for the company in NZ. The story was that MAY were going to become an onshore producer in NZ. NZ always looked as if it was a way for JH to keep his job for another 3 quarters at the time.
Did we ever find out why the main formation was "not there" at Pukatea-1?
On a more positive note Cuba and Beehive look to be far more promising. Lots of shareholders underwater here after all these years, myself included.
