- Melbana Energy’s (MAY) Alameda-1 well has intersected 670 metres of oil shows
- The oil shows continued from the positive results last week in the Upper Thrust
- Logging will now need to be undertaken at the well to get a better understanding of the oil
- Drilling at the well has reached a depth of 1820 metres and is continuing towards the deeper primary targets
- Melbana is up 3.45 per cent and is trading at three cents per share at 11:36 am AEDT
Melbana Energy (MAY) shares are up today following an update on the progress of the Alameda-1 exploration well being drilling in Block 9 PSC, onshore Cuba.
The company has a 30 per cent interest in Block 9 and is the operator of the current drilling program.
Oil shows that were reported last week in the Upper Thrust have continued to be encountered. The shows included flows of oil into the wellbore.
Now the oil shows occurred continuously to a depth of 1130 metres, for a total gross thickness of 670 metres.
These shows are good, however logging needs to be undertaken to get a better understanding of the well.
Drilling at the well has reached a depth of 1820 metres and is continuing towards the deeper primary targets.
Executive Chairman Andrew Purcell is “very encouraged” by the oil shows.
“Encountering oil shows over such a significant interval is, of course, very encouraging,” he said.
“We hope to reach the next casing point some time in the week ahead, following which we’ll run logs in order to provide our geoscientists with more data to assist them in their assessment of what we’ve encountered.”
Melbana was up 3.45 per cent and is trading at three cents per share at 11:36 am AEDT.