Melbana Energy (ASX:MAY) reports it has secured all material permits, regulatory and partner approvals and funding ahead of its 2023 appraisal drilling program at 2 appraisal wells in Block 9, Cuba.
All of the approvals necessary to commence the drilling campaign were granted following a number of technical, financial and administration meetings that were held in Cuba’s capital city of Havana over the past week.
The upcoming 2023 drilling program is expected to target 2 appraisal wells off the same pad used for this year’s successful Alameda-1 well, but only to the bottom of Amistad units.
“I can confirm that preparations are advancing satisfactorily for the drilling of this first appraisal well”
Speaking on the upcoming drilling, Melbana Energy’s Executive Chairman, Andrew Purcell said: “Having just returned from Cuba, I can confirm that preparations are advancing satisfactorily for the drilling of this first appraisal well. Good appraisal results would be a very ‘significant’ outcome for us, not just because of the ‘significant volumes of oil that may exist at this location but because success heightens the appeal of adjacent structures with similar characteristics.
Given the extended time frame for the second well we drilled this year, it is easy to forget how dynamic Alameda-1 was. What an exciting year 2023 is going to be, testing the potentially enormous volumes of oil beneath our feet.”
The company also notes that Amistad objectives have been independently estimated to contain 1.9 billion barrels of oil in place for 88 million barrels of prospective resource.
This estimation was based on at least 48m of potential oil and gas pay, excluding an additional 290m where viable logging could not take place due to poor hole conditions.
In addition, it is reported that any oil produced during flow testing will be for the account of the Block 9 investors in proportion to their interest should a commercial discovery be declared.
Melbana Energy is an ASX-listed, independent oil and gas company that has a portfolio of exploration, appraisal and development stage opportunities in Cuba and the Bonaparte Gulf region in Australia. The company’s current focus is to create a world class E&P company by using the skills of its people to identify and successfully develop attractive oil and gas exploration and project development opportunities.
With all material permits, approvals and funding now secured, Melbana Energy announces that drilling is projected to commence by March next year.
Images: Melbana Energy Ltd