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- Melbana Energy (MAY) reports slow but steady progress in its drilling and exploration activities at its Zapato-1 well in Cuba
- The company says drilling has reached a depth of 1482 metres
- The drilling progress is slow as predicted but is higher than prognosed due to the hardness of the formations encountered
- The target structure is estimated to begin at 2650 metres
- Shares in Melbana are up 5.19 per cent, trading at 8.1 cents as of 10:40 am AEST.
Melbana Energy (MAY) has reported slow but steady progress in its drilling and exploration activities at its Zapato-1 well in Cuba.
The company said drilling has reached a depth of 1482 metres which indicates slow drilling progress as predicted.
However, the drilling progress is higher than prognosed due to the hardness of the formations now being encountered.
The selected drill bits have been making steady progress with bit changes being introduced as warranted.
Operations have had minimal interruptions caused by the decreasing heavy rainfall.
The target structure is estimated to begin at 2650 metres.
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 as scheduled.
Shares in Melbana were up 5.19 per cent, trading at 8.1 cents as of 10:40 am AEST.
