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The latest update is out from Melbana Energy Limited ( (AU:MAY) ).
Melbana Energy Limited announced the completion of the Amistad-2 well in Block 9 PSC, Cuba, where no oil was recovered despite indications of a highly permeable reservoir. The well was drilled deeper than initially planned, and the results have shifted focus to a low-cost 2D seismic survey to inform future drilling strategies. The company is considering replacing the planned Amistad-3 well with Amistad-11, a shallow production well, pending joint operation approval. This development highlights the challenges in early-stage oilfield appraisal and underscores the importance of seismic data in optimizing well placement.
More about Melbana Energy Limited
Melbana Energy Limited operates in the energy sector, focusing on oil exploration and development. The company is involved in projects primarily in Cuba, where it holds a 30% interest in Block 9 PSC, an onshore oil exploration block.
Average Trading Volume: 7,546,028
Technical Sentiment Signal: Sell
Current Market Cap: A$56.73M
For an in-depth examination of MAY stock, go to TipRanks’ Overview page.