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Be the first with the news that moves the market- Melbana Energy’s (MAY) Alamed-1 well in Cuba reaches its first planned casing point
- Drilling of the well commenced last week and is testing three separate targets with a combined prospective resource of around 141 million barrels of oil
- So far, minor residual oil shows have been observed in cuttings through the interval within interbedded limestones and sandstones
- Once the blowout preventer stack has been installed and successfully pressure tested, MAY plans to begin drilling the next hole section
- Shares have been trading 2.6 per cent lower at 1.9 cents at 10:39am AEST
Melbana Energy’s (MAY) Alamed-1 well in Cuba has reached its first planned casing point.
Drilling of the well commenced last week and is testing three separate targets with a combined prospective resource of around 141 million barrels of oil.
Since spudding, MAY said the exploration well has reached its first planned casing point at a depth of 457 metres, with no incidents or significant disruptions reported through the shallow section.
However, during an investor webinar, the company said there had been a few minor issues arising during shake down that required drilling to pause whilst they were resolved.
So far, minor residual oil shows have been observed in cuttings through the interval within interbedded limestones and sandstones.
Melbana said the shallowest of the three prospective intervals in Alameda-1 is anticipated at an approximate depth of 800 metres.
The casing has been run to 453.6 metres and is currently being cemented in place.
Once the blow out preventer stack has been installed and successfully pressure tested, MAY plans to begin drilling the next hole section.
Executive Chairman Andrew Purcell said the first week of work has been good with the rig and the team seemingly advancing the program at a steady pace and safely.
“The remaining members of Melbana’s project team are now in country and out of quarantine so it is great to have this additional expertise and capability available as this drill program ramps up.”
Shares were trading 2.6 per cent lower at 1.9 cents at 10:39am AEST.
