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- Melbana Energy (MAY) steps closer to commencing drilling operations for its two-well program in Cuba
- The program is testing four separate targets with a combined prospective resource estimate of 236 million barrels of oil
- Reportedly, the derrick of the drilling rig has been raised at the Alameda-1 exploration well and the conductor pipe is expected to be set later this week
- Despite changes to delivery of contractor equipment and materials into Cuba, the company remains confident drilling will start next week
- Shares spiked 19 per cent in early trade to 2.5 cents at 10:40am AEST
Melbana Energy (MAY) takes step closer to commencing drilling operations for its two-well program in Cuba.
The program is testing four separate targets with a combined prospective resource estimate of 236 million barrels of oil.
In a statement, the company announced the derrick of the drilling rig has been raised at the Alameda-1 exploration well and the setting of the conductor pipe is expected to occur later this week.
If all goes well following final tests of all rig equipment and safety systems, the well is expected to spud next week.
While MAY explained delivery of contractor equipment and materials into Cuba remains fluid due to interruptions to global logistics chains, the company’s contingency plans should allow drilling to start on or around September 13.
The Alameda-1 camp site is also reportedly operational, with services and utilities in place and connected.
Over at the second exploration well in the campaign, Zapato-1, construction of the well pad and related infrastructure is said to be progressing on schedule and drilling is planned once Alameda-1 is complete.
Melbana Energy’s Executive Chairman, Andrew Purcell, thanked shareholders for the support received for the company’s capital raise which has provided adequate funding for this work.
“After many years of detailed planning, we are now on the cusp of drilling two outstanding onshore prospects that present potentially huge upside for Melbana’s shareholders.”
Shares spiked 19 per cent in early trade to 2.5 cents at 10:40am AEST.
