Melbana Energy Advances Cuba, Australia Projects

Melbana Energy Limited (ASX: MAY) reported significant progress in its projects during the quarter ended March 31, 2025. The company’s primary focus remains on advancing its Cuban Block 9 PSC and assessing the resource potential of its AC/P70 permit in the Timor Sea, offshore Western Australia. In Cuba, the workover of Alameda-2 is complete, with cleanup flow underway, aimed at remediating formation damage. Construction has commenced on the Amistad-2 access road and well pad, with drilling scheduled to begin in the June quarter, targeting a 16 million barrel resource (best estimate). Melbana prioritizes exporting the first cargo, utilizing crude from Alameda-2. For AC/P70, Melbana completed maiden resource estimates, identifying a Prospective Resource of 2,754 Bcf and 43 MMbbl (unrisked, gross best estimate). Contingent Resources are estimated at 276 Bcf and 34 MMbbl (2C) for the Vesta and Swan fields. Melbana is seeking a partner to fund technical work and an exploration well in the AC/P70 permit. The company’s cash position at the end of the quarter was $7.6 million. Payments to related parties amounted to $137,000, covering director’s fees. Melbana has an estimated 3.29 quarters of funding available.