Melbana Energy Confirms Presence of Moveable Oil in Alameda-2 Appraisal Update
Melbana Energy Limited
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Melbana Energy Confirms Presence of Moveable Oil in Alameda-2 Appraisal Update

Melbana Energy Limited (ASX: MAY) has provided an update on its Alameda-2 appraisal well, revealing significant findings regarding the presence of moveable oil in Unit 3. Initial testing suggests a potential flow rate of approximately 750 barrels of oil per day, with similar oil quality to Unit 1.

Positive Results and Potential for Project Development

The appraisal update from Alameda-2 highlights the successful confirmation of moveable hydrocarbons in the Amistad interval, similar to the findings in Unit 1A. Additionally, good quality logs obtained during the testing phase have allowed for the identification of natural fracturing, which enhances the productive qualities of the reservoir.

What makes this discovery particularly compelling is that Unit 3 was intercepted 200 meters updip and 500 meters to the south of Alameda-1. This suggests the presence of a significant oil-bearing formation, typical of what is usually produced in Cuba. While further testing is still required for the remaining units, the results obtained so far indicate the potential for a project in this upper sheet Amistad formation.

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Appraisal Well Details

The Alameda-2 appraisal well, located in Block 9 PSC onshore Cuba, reached a total depth of 1,975 meters MD on July 31, 2023. Wireline logging operations were conducted from total depth to the casing shoe at 1,594 meters MD.

Following wireline logging, a slotted liner was installed, allowing for the inflow test. During the test, a 63-barrel water cushion was displaced over a 2-hour period, resulting in an estimated flow rate of 750 barrels of oil per day. Although the oil did not flow to the surface due to the weight of the fluid column, a static gradient survey confirmed that approximately 8. 2 cubic meters of fluid had flown into the string.

Melbana Energy's Optimistic Outlook

Andrew Purcell, Executive Chairman of Melbana Energy, expressed his optimism regarding the latest results. He stated, "Results from Unit 3 have again demonstrated the presence of moveable hydrocarbons in the Amistad interval – adding to what was already found in Unit 1A. Also similar to Unit 1A, the good quality logs obtained have allowed us to identify natural fracturing that enhance the productive qualities of the reservoir. "

Given the encouraging findings, Melbana Energy plans to continue testing the remaining units. The company believes that the project in the upper sheet Amistad formation holds great potential and could mark a significant development for Cuba's oil industry.

About Melbana Energy Limited

Melbana Energy Limited is a 30% interest holder and operator of the Block 9 PSC onshore Cuba. The company is dedicated to exploring and developing oil and gas opportunities with a focus on growth and value creation for its shareholders.

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