Drill Rig Mobilised for Amistad-2

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Stock Melbana Energy Ltd (MAY.ASX)
Release Time 21 Aug 2025, 10:29 a.m.
Price Sensitive Yes
 Drill Rig Mobilised for Amistad-2
Key Points
  • Rig mobilising to drill Amistad-2 production well
  • Projected spud date mid-September with results expected mid-October
  • Permitting and civil works completed for Amistad-3 production well
  • Permitting advanced for further 2026 production wells
  • More than 30,000 barrels of oil in inventory
Full Summary

Melbana Energy Limited (ASX: MAY) is pleased to provide an operational update regarding Block 9 PSC onshore Cuba, for which it is the operator and holds a 30% interest. The key highlights include:- Rig mobilising to drill Amistad-2 production well, with a projected spud date in mid-September and results expected by mid-October.- Permitting and civil works completed for the Amistad-3 production well, which targets the same geological architecture as Amistad-2.- Permitting advanced for further 2026 production wells, with a plan to use smaller, fit-for-purpose rigs to support the field development program.- Alameda-2 well has continued producing oil from the Unit 1B formation since mid-April, with more than 30,000 barrels of oil now in storage.- The company has decided to wait for a larger cargo volume before conducting its first trial export of crude oil from Cuba, to improve unit economics.- Permitting is advanced for the drilling of additional shallow production wells in 2026, with a further 15 drill pad locations identified based on current geologic interpretation and development planning.Melbana Energy's Executive Chairman, Andrew Purcell, commented on the progress, noting the delays experienced in recent months have now been resolved, and field activity is recommencing. The company has also announced a $7 million placement to ensure it is adequately provisioned for the forward work program.

Outlook

Melbana Energy is focused on advancing its field development program in Cuba, with plans to drill additional production wells in 2026 using smaller, fit-for-purpose rigs. The company is also working towards its first trial export of crude oil from Cuba before the end of the year, once a sufficient volume of oil is in storage to fill a larger vessel and improve unit economics.