Melbana Energy Limited (ASX: MAY) Quarterly Activities Summary
Cuban Operations Overview
Melbana Energy Limited (ASX: MAY) reports significant progress in its Cuban operations, specifically in Block 9. The Company is on track to commence the workover of the Alameda-2 well in early February 2025. This work will address formation damage identified in the Amistad Unit 1B oil reservoir. Melbana has secured all necessary materials for this operation.
The upcoming drilling of the Amistad-2 well is also progressing, with plans to reach an estimated 16 million barrels of oil resource. The Company has engaged in a pre-bid seismic scouting process to optimise future well placements. Melbana aims to export its first cargo of oil from Block 9 as a priority.
Cash Position and Future Outlook
As of 31 December 2024, Melbana reported a robust cash position of $9.7 million. This financial stability supports ongoing operations and sets the stage for future development activities and further exploration initiatives in the region. The Company is actively seeking new partnerships and credit providers to facilitate the development of Block 9.
Health and Safety Performance
Melbana maintained a strong health and safety record during the reporting period, with no lost time incidents recorded. This commitment to safety continues to underpin the Company’s operational integrity and workforce wellbeing.
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