Rig Installation works at Zapato-1 drill site. Source: Melbana Energy
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Melbana Energy (MAY) reaches a depth of 2700 metres measured depth (mMD) at its Zapato-1 well within the Block 9 contract area, onshore Cuba
  • The company says the well continues to drill ahead in hard volcanics
  • Having now passed the pre-drill prognosis for the start of the target formation, reassessment of the input parameters based on this new variable has resulted in a revised estimate for the top of the target formation of about 2800 mMD
  • Shares in Melbana end the day 4.17 per cent in the red to close at 6.9 cents

Melbana Energy (MAY) has reached a depth of 2700 metres measured depth (mMD) at its Zapato-1 well within the Block 9 contract area, onshore Cuba.

The company said the well continues to drill ahead in hard volcanics.

Having now passed the pre-drill prognosis for the start of the target formation, reassessment of the input parameters based on this new variable has resulted in a revised estimate for the top of the target formation of about 2800 mMD.

Additionally, the company said its prospective resource recorded a mean of 114 million barrels of oil, a 23 per cent chance of success.

Melbana said drilling operations were only minimally impacted by Hurricane Ian last week due to the precautionary measures taken ahead.

Shares in Melbana ended the day 4.17 per cent in the red to close at 6.9 cents.

CR9 by the numbers
More From The Market Online
The Market Online Video

ASX Market Close: Index buoyed by CBA’s earnings beat | Feb 12, 2025

The ASX200 closed up 0.6% at 8,535 points.
The Market Online Video

ASX Market Open: Bourse to land flat but CBA bowling over expectations may change that | Feb 12, 2025

It’s starting to look like a flat Wednesday, with Aussie futures now pointing to a near-unnoticeable 0.
Market Update Graphic

ASX Market Update: Index leader CBA posts record result, lifts dividend | Feb 12, 2025

The ASX200 has been up 0.25% at 8,505 points.
Image of a treasure chest full of gold on an island

CRS up more than 123% on ‘encouraging’ gold find at Island Gold project

Caprice Resources Ltd has reported standout drilling results from its Island Gold project in Western Australia