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Melbana Energy Limited ( (AU:MAY) ) has provided an announcement.
Melbana Energy Limited has made significant progress in the development of its Block 9 PSC in Cuba, with the initial workover of Alameda-2 scheduled for early February 2025. The company plans to drill additional wells in the Amistad Structure to maximize resource recovery and has completed preparations for the Amistad-2 well. Melbana is also working on finalizing an oil offtake contract and aims to export its first cargo soon. The company ended the quarter with $9.7 million in cash, indicating a strong financial position to support its operations and development plans.
More about Melbana Energy Limited
Melbana Energy Limited is an Australia-based energy company primarily focused on oil exploration and production. The company has a significant interest in the Block 9 Production Sharing Contract (PSC) in Cuba, where it operates and actively engages in oil field development. Melbana aims to extend its market presence by finalizing an oil offtake contract with an international trader.
Average Trading Volume: 455,000
Technical Sentiment Consensus Rating: Buy
Current Market Cap: $61.2M
For detailed information about MAY stock, go to TipRanks’ Stock Analysis page.
