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Melbana Energy Limited ( (AU:MAY) ) has issued an update.
Melbana Energy Limited has made progress in its operations at Block 9 in Cuba, with the Amistad-2 surface hole drilled to 327 meters. The company has observed oil impregnation and oil sheen during drilling, indicating potential oil presence. The current phase involves drilling out cement to access the shallow Unit 1A oil reservoir, with plans to target the deeper Unit 1B reservoir for production. This development is slightly ahead of schedule, potentially enhancing Melbana’s production capabilities and market position.
More about Melbana Energy Limited
Melbana Energy Limited operates in the energy sector, focusing on oil exploration and production. The company is involved in various projects, with a significant interest in Block 9 in Cuba, where it holds a 30% stake.
Average Trading Volume: 5,939,207
Technical Sentiment Signal: Sell
Current Market Cap: A$64.29M
Find detailed analytics on MAY stock on TipRanks’ Stock Analysis page.