Berkshire is hoarding so. much. cash.
Melbana Energy Provides Quarterly Activities Summary for Period Ending 30 June 2023
Melbana Energy, an oil and gas exploration company with a 30% participating interest in the Cuba Block 9 PSC, has released its quarterly activities summary, showcasing significant progress in its drilling operations and potential future development opportunities.
During the quarter, Melbana Energy commenced drilling the Alameda-2 appraisal well, which is the first of two planned appraisal wells in Block 9 for this year. The well has a planned total depth of 1,960mMD (1,840mTVD) and aims to allow oil to flow from the three productive units previously encountered in the shallowest oil-bearing reservoir, known as Amistad.
A production test of Unit 1A, the shallowest unit of the upper Amistad interval, successfully flowed oil to the surface unassisted. This demonstrated the presence of moveable hydrocarbons at this level. While the recovery of oil from this shallow depth was initially given a low chance, it now presents an opportunity for future development. The productive interval of the Amistad structure, with a measured depth of 63 meters, will be reconsidered and may facilitate future development through engineering solutions.
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Independent estimates have indicated that the Amistad structure holds approximately 1. 9 billion barrels of Oil in Place and 88 million barrels of Prospective Resource, further highlighting the significant potential of the block.
In corporate news, Melbana Energy announced the appointment of Dr. Chris McKeown as Chief Commercial Officer. The change in share registry manager to Boardroom Pty. Limited was also noted.
As of the end of the quarter, Melbana Energy had $35. 1 million cash available, providing a solid financial position for ongoing operations and planned activities.
The company remains committed to advancing its exploration and development efforts in Block 9, further unlocking the potential of the Amistad reservoirs and contributing to the energy landscape of Cuba.
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Buffet indicator is showing some wild times ahead perhaps, combine that with Berkshires record high cash hoard of 30%... chart via barchart.com / Longtermtrends
Looks like we're going through something, but who would have thought with all these tarrifs, inflation and trade wars going on
Where does this end up long term with small stocks suffering white giant caps are taking all the coin?
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The spike in red reflects financial strain returning fast. Credit card delinquencies are rising too, hinting that lower-income consumers might be nearing a breaking point. What's going on...
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