Wildcatter Podcast: Hunting for black gold in Australia’s Bonaparte Gulf, drilling Cuba and taking over Metgasco
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Stock analysis veteran and lover of the oil and gas game, Peter Strachan, is putting aside the Bloomberg terminal and picking up the microphone for another instalment of The Wildcatter Podcast.
In this latest episode, Peter interviews Andrew Purcell chairman of Melbana (ASX:MAY).
ASX-listed Melbana Energy has a market capitalisation of just under $20m and holds about $2m of cash at-bank at the time of our interview.
The company holds a 60 per cent interest in permit WA-488-P in Australia’s Bonaparte Gulf alongside Santos, which has agreed to farm-in for a 40 per cent interest and has until the 4th of December 2019 to decide whether to take up a further option to earn a total 80 per cent interest, or let the permit return to 100 per cent ownership by Melbana.
WA-488-P hosts the Beehive prospect, which is well defined by 3D seismic survey. The company estimates that Beehive has the potential to yield a prospective resource of 388 million barrels (mmbbls) of oil in a Carboniferous aged limestone/dolomite formation, should hydrocarbons be present.
Onshore Cuba, Melbana is seeking farm-in funding support that would enable it to drill two exploration wells, targeting a total estimated prospective resource of 236mmbbls of oil. The company is also seeking to fund an oil recovery project over its 100 per cent held Santa Cruz oilfield in Cuba.
Melbana has obtained a 19.59 per cent interest in cash and investment rich takeover target Metgasco (ASX:MEL), for which it is offering four of its shares for every Metgasco share, with MAY shares currently at 0.9c and MEL shares trading at 4.2c.
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