- Melbana Energy (MAY) is progressing drilling activities at its onshore Zapato-1 well within the Block 9 contract in Cuba
- Since drilling began late last month, the well, which is designed to test a target with a prospective resource of up to 95 million barrels of oil, has reached a 586-metre depth
- Melbana believes the Zapato structure may be the primary structure, and therefore the source of oil, for the historic Motembo oil field
- After the Zapato-1 well is completed, MAY plans to undertake an appraisal campaign of three oil-bearing zones encountered while drilling the Alameda-1 structure at Block 9
- Company shares are down 3.33 per cent to trade at 8.7 cents at 11:23 am AEST
Melbana Energy (MAY) is progressing drilling and exploration activities at its Zapato-1 well in Cuba.
The Zapato-1 well is the second in the company’s two-well program within the onshore Block 9 production sharing area, in which Melbana owns a 30 per cent working interest.
Melbana announced it had begun drilling on May 23 and, since then, it has reached a 586-metre depth.
Surface casing has been set at 459 metres and the blowout preventer (BOP) subsequently pressure tested.
The Zapato-1 well is designed to test a target with a best-estimate prospective resource of 95 million barrels of oil. The target is estimated to begin at a 2650-metre depth.
Melbana believes the large Zapato structure may be the primary structure, and therefore the source of oil, for the historic shallow Motembo oil field that reportedly contained a very light oil present at surface.
Additionally, the company has assessed the volumetric characterisation of the Alameda structure in the project area and is now delivering the work to the independent reserves certifier.
Melbana is also close to finishing a similar assessment of the Marti structure, with the data to be delivered to the reserves certifier, with an independent reserves certification for both structures expected later this month.
Looking ahead, the energy stock is developing plans for the appraisal of oil-bearing zones, independently estimated to contain 119 million barrels of prospective resources, encountered while drilling Alameda-1. The appraisal campaign is planned for after the Zapato-1 well is completed.
Melbana shares were down 3.33 per cent to trade at 8.7 cents at 11:23 am AEST.