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Melbana Energy overcomes mechanical issues with workover program success at Block 9 in Cuba
Melbana Energy (ASX: MAY) appears to have overcome formation issues that have hampered development plans at its Block 9 operation in Cuba. Melbana’s share price was up more than 35% in Tuesday morning trade after it reported that a successful workover of the Unit 1B reservoir within the Block 9 operations onshore Cuba had delivered […]
Weekly wrap: miners push towards new record but banks hold back
It was a close-run thing but the Australian market missed out on setting a new record on Friday thanks mainly to a rare downward pull from the big banks. At one stage the ASX 200 traded at 8143.6 points – just 5 points away from the record high set in August – but the drag […]
Melbana Energy to become oil producer following Cuban project approval
Investors have flooded into the stock of Melbana Energy (ASX: MAY) after news that its Cuban oil development plans are set to go ahead. Melbana’s share price jumped more than 60% at one point after the company announced it is set to become a producer for the first time, following approval for the Block 9 […]
Melbana Energy initiates crucial testing at Alameda-3 well in Cuba amid previous setbacks
Australian oil and gas junior Melbana Energy (ASX: MAY) has commenced a key test program that it hopes will find answers to disappointing flow results at its onshore Alameda-3 appraisal well in Cuba. Melbana is currently undertaking flow testing over the 3,272 to 3,450-metre interval in the well to determine oil quality and flow rates […]
Melbana Energy farms out Cuban oil block to Sonangol
Australian oil and gas junior Melbana Energy (ASX: MAY) is farming out up to 70% of its stake in an onshore oil block in Cuba to Angola’s state-owned oil company Sonangol. Sonangol produces more than 2 million barrels of oil per day and is Africa’s second largest oil producer, behind Nigeria’s state energy company. Under […]
Melbana Energy inks agreement with major Chinese investment firm to drill Cuban oil wells
Junior oil explorer Melbana Energy (ASX: MAY) is a step closer to being a Caribbean oil producer after signing a farm-out agreement with Anhui Modestinner Energy to drill at its Alameda-1 exploration well in north Cuba. The binding definitive farm-out agreement between the companies follows on from a non-binding letter of intent inked back in […]
Melbana Energy to lock in farm-in partner ahead of Cuban oil drilling
Junior oil explorer Melbana Energy (ASX: MAY) has been given the green light by Cuban regulators to drill its Alameda-1 exploration well on the country’s north coast and is just waiting on a secured farm-in deal before deciding on a spud date. The Australia-based company today announced it has received all remaining key regulatory approvals […]
Melbana Energy collects 600 barrels of oil a day at discovery
Australian-based explorer Melbana Energy (ASX: MAY) and its joint venture partners have submitted a notice of discovery to New Zealand’s oil regulator after exceeding expectations during testing of the Pukatea-1 Mt. Messenger oil zone. Pukatea-1 is found in the country’s Taranaki Basin, at Petroleum Exploration Permit 51153. Melbana said the well perforated in 12.9 metres […]
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