Evolution Capital, or its representatives, may have relationships with the companies mentioned in this report – for example, acting as a corporate advisor, dealer, broker, or holder of principal positions. *Evolution Capital and/or its associates may hold interests in the entities mentioned in any posted report or recommendation. *The information contained in this report is only intended for the use of those persons who satisfy the Wholesale definition, pursuant to Section 761G and Section 761GA of the Corporations Act 2001 (Cth) (“the Act”).* #MAY #MelbanaEnergy #Oil #Resources #ASX #Energy #drilling Some news with regards to Australia can be expected too given its trailing interest in the results of a well to be drilled in WA-488-P and the prospectivity of its other acreage positions. The key catalysts in the short and medium term are the upcoming results from the drilling program.
Our total sum of parts valuation of MAY comes to $711.7 Million or $0.21 per share. MAY valuation: our sum of the parts valuation considers a 25% (or 75% risk discount) of the Cuba PSC 9 NPV estimated using an oil NPV price of US$25/bbl with a valuation of A$616.2 million or $0.18 per share.įactoring the other acreage and volumes held by MAY we assume a 90%-95% risk discount and an oil NPV price of US$10/bbl. Independently estimated total volumes of the Cuba assets come to 6.4 billion Oil in Place (OIP) and 362 mmbbl of Prospective Resources. Melbana Energy (ASX:MAY) is an oil and gas development company with assets in Cuba and Australia. Last close was $0.081/sh (implied upside of ~160%).
Evolution Capital is pleased to initiate research coverage on Melbana Energy (ASX:MAY) with a price target of $0.21/sh.
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