- 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.