Melbana Energy Limited ( (AU:MAY) ) has issued an update.
Melbana Energy Limited has announced the completion of maiden resource estimates for the undeveloped Vesta and Swan gas and oil fields within the AC/P70 permit. The estimates reveal significant prospective and contingent resources, highlighting the potential for LNG-scale gas accumulations. The proximity to existing infrastructure reduces the minimum economic pool size for development, enhancing the commercial viability of new discoveries. The company is seeking a partner to fund further exploration, which could strengthen its position in the industry and offer new opportunities for stakeholders.
More about Melbana Energy Limited
Melbana Energy Limited is an energy company operating in the oil and gas industry, focusing on exploration and development of petroleum resources. The company holds a 100% interest in the AC/P70 permit located in the Timor Sea offshore northwestern Australia, which is known for its potential for gas and oil production.
Average Trading Volume: 455,000
Technical Sentiment Consensus Rating: Buy
Current Market Cap: $64.14M
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