Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Melbana Energy (MAY) observes oil during a stuck pipe event in its Zapato-1 well within the Block 9 contract area, onshore in Cuba
  • The oil was detected when the drill string became stuck in the ophiolite overburden section of the well at a depth of 1698 metres
  • When attempting to retrieve the drill string, the company observed free oil on the shakers at surface
  • The company is now conducting activities to initiate a side-track and continue drilling to the main carbonate targets below the ophiolite
  • Melbana shares are trading 3.23 per cent higher at 9.6 cents at 11:34 am AEST

Melbana Energy (MAY) has observed oil during a stuck pipe event in its Zapato-1 well within the Block 9 contract area, onshore in Cuba.

The oil was detected when the drill string became stuck in the ophiolite overburden section at a depth of 1698 metres.

When attempting to retrieve the drill string, the company observed free oil on the shakers at surface.

Melbana severed the string at 1507 metres, recovered the remaining drill pipe, and set a cement plug at 1252.5 metres.

The company has now begun activities to initiate a side-track and continue drilling to the main carbonate targets below the ophiolite.

Executive Chairman Andrew Purcell said he was encouraged by the oil observation and was excited to drill into the target interval.

“While the stuck pipe event and the need to side-track the well is a little frustrating, these are normal operations that sometimes occur in the course of some drilling programs, and our operations team is well equipped to manage this and commence the side-track drill,” he said.

Melbana shares were trading 3.23 per cent higher at 9.6 cents at 11:34 am AEST.

MAY by the numbers
More From The Market Herald
The Market Herald Video

" Woomera Mining (ASX:WML) appoints Jason Livingstone as new Managing Director

Mineral explorer Woomera Mining (ASX:WML) has appointed Jason Livingstone as its new Managing Director, effective from…
The Market Herald Video

" Security Matters (ASX:SMX) enters into $2m standby equity facility

Security Matters (ASX:SMX) has entered into a standby equity deed with Evolution Capital.
The Market Herald Video

" Ora Gold (ASX:OAU) obtains unsecured $500k loan facility

Ora Gold (ASX:OAU) has obtained an unsecured $500,000 loan facility from Ioma to assist with general…
Baby Bunting (ASX:BBN) - Chair and Non Executive Director, Melanie Wilson

" Baby Bunting (ASX:BBN) surpasses $500m sales for the first time

Baby goods retailer Baby Bunting (ASX:BBN) surpasses half a billion dollars in sales for the first…