Melbana Energy Reports Significant Increase in Net Pay at Alameda-2 Well
Melbana Energy Limited (ASX: MAY), the operator of Block 9 PSC onshore Cuba, has announced a substantial uplift in net pay at the Alameda-2 well. The company reports an increase in logged net pay for Units 1A, 1B, and 2 of the Amistad interval to 243 meters, up from the previous measurement of 84 meters. The total depth for Alameda-2 was reached ahead of schedule, and the logging of Unit 3 has been completed.
Positive Logging Results
Melbana Energy obtained excellent quality logs throughout the entire Amistad interval, allowing for a significantly increased calculation of net pay. The net pay estimate of 243 meters for Units 1A, 1B, and 2 marks a threefold increase compared to the previous measurement. If the natural fracturing encountered is taken into account, the number increases to 538 meters.
Flow Testing and Future Plans
Flow testing of Unit 3 is expected to commence by the end of the week, with Unit 2 and Unit 1B to follow.
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Melbana Energy's Executive Chairman, Andrew Purcell, commented on the positive results and the improved understanding of the reservoir. The company plans to undertake an updated estimate of prospective resources once the testing program is complete.
Implications for Melbana Energy
The increase in net pay at the Alameda-2 well significantly enhances the potential oil resources contained in the Amistad interval. Melbana Energy holds a 30% interest in Block 9 PSC and operates the project. The company remains focused on maximising the value of its assets and unlocking the full potential of the Alameda field.
Melbana Energy's stock, listed on the ASX under the ticker symbol MAY, is expected to receive increased attention as investors evaluate the positive outcomes of the Alameda-2 well. The company's strong position in the Cuban onshore oil sector positions it for future growth and success.
Note: All information mentioned in this article is based on the report released by Melbana Energy Limited on August 4, 2023.
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