• Flow-testing indicates highly permeable reservoir, but no oil recovered
• Well drilled to 2,000 metres measured depth, encountering 169 metres of net reservoir
• Plug and abandonment of Amistad-2 now proceeding
• Acquisition of low-cost 2D seismic survey nearing completion

Melbana Energy Limited (ASX: MAY) has provided an operational update regarding the Amistad-2 well in Block 9 PSC onshore Cuba, for which it is the operator and holds a 30% interest. The well was spudded on 18 September 2025 and was originally planned to reach a total depth (TD) of 1,125 metres measured depth (m.MD). However, drilling results confirmed the pre-drill structural shape but also showed the primary target in the 'hanging-wall' of the structure had been eroded and replaced with sediment prior to the most recent phase of structuring. The top of limestone was encountered at a depth of approximately 600 m.MD, deeper than prognosed, so the decision was made to continue drilling past the original TD, reaching a final TD of 2,000 m.MD. An extensive logging program was conducted, and preliminary petrophysical analysis interpreted a total 169 m.MD, or 146 metres of true vertical depth (TVD), net reservoir based on a conventional cut-off of 9% porosity. The reservoir in Amistad-2 is comprised of three primary sections, with ongoing analysis aiming to confirm the stratigraphic sequence encountered by the previous Alameda-2 well. Flow-testing of Amistad-2 confirmed a highly permeable reservoir, with an initial flow rate of 550 barrels per day (bbl/d) and a final average rate of 1,220 bbl/d of water with minimal pressure drawdown. However, no oil was recovered during the testing. Pressure data from the well indicates that the reservoirs at the Amistad-2 location are not in communication with those at the Alameda-2 location. Melbana is now acquiring a low-cost 2D seismic survey to aid in the identification of potential shallow drilling hazards and to supplement the vintage seismic data used for well targeting. Given the results of Amistad-2, the company is considering drilling Amistad-11, a shallow production well located on Pad 1, where good production characteristics have previously been obtained.