Melbana Energy Limited (AU:MAY) has released an update.
Melbana Energy Limited has received approval for the initial development of the Amistad Field’s Unit 1B, with construction of new well pads and remediation of existing wells planned to enhance production. The company is poised to export its first oil cargo by the end of 2024 and has secured all necessary export approvals and oil off-take contract negotiations are in advanced stages. This development marks a significant step in Melbana’s transition from explorer to producer, leveraging its 46 million barrels of estimated contingent resources in the Amistad Field.
For further insights into AU:MAY stock, check out TipRanks’ Stock Analysis page.
