Can Melbana Energy's Alameda-3 Well Redefine Cuba's Oil Reserves?

Can Melbana Energy's Alameda-3 Well Redefine Cuba's Oil Reserves?

Melbana Energy Limited Prepares for Alameda-3 Appraisal Well: Unlocking Potential Oil Reservoirs in Cuba

Melbana Energy Limited (ASX: MAY), a significant player in the oil and gas industry as a 30% interest holder and Operator of Block 9 PSC onshore Cuba, has unveiled its strategic operational update. This update revolves around the highly anticipated Alameda-3 Appraisal Well, set to unlock potential oil reservoirs in Cuba.

Alameda-3 Appraisal: A Significant Milestone

In the coming week, specifically projected for the week of 11 December, Melbana Energy is poised to commence the Alameda-3 Appraisal Well. This operation holds paramount importance as it seeks to appraise the deep Alameda and Marti reservoirs, both previously discovered by Alameda-1. These reservoirs have been independently assessed, boasting an impressive 179 million barrels of Prospective Resource (Unrisked Gross Best Estimate). These estimations, while promising, come with associated risks, requiring further exploration and appraisal for potential development.

Andrew Purcell, Melbana Energy’s Executive Chairman, expressed fervent anticipation, stating, “We are in the closing stages of preparations for the imminent spud of the Alameda-3 appraisal well.

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We are going back down to test the deeper Alameda and Marti reservoirs that gave such tantalizing results in Alameda-1. ”

Objectives and Expectations

The primary objectives of the Alameda-3 Appraisal Well encompass the thorough appraisal of the identified oil-bearing reservoirs while the secondary objective aims to test Amistad Unit-3. The Company is hopeful to confirm higher quality crude that can be produced at significant rates, thereby adding two productive reservoirs to the established ones by Alameda-2 in Unit 1B within the Amistad reservoir.

Commenting on the upcoming drilling, Purcell also added a touch of festive cheer, mentioning, “Given the time of year for spud, we will make sure that our field personnel have an Oz-style (albeit, dry) lunch to celebrate the festive season. ”

Technical Assessments and Future Prospects

Furthermore, Melbana Energy is actively reviewing the results of Alameda-2, indicating a potential substantial increase in recoverable volumes. The technical team is optimistic about observing a marked increase in key reservoir parameters. These promising developments are expected to support an upgrade to the resource assessment of these intervals.

Purcell assured stakeholders, stating, “We expect to deliver these data and the analysis conducted thereon to the independent certifier shortly for their assessment. ”

A Promising Future

As the preparations for Alameda-3 Appraisal Well near completion and the company eagerly awaits the commencement of this critical phase, the stakes are high for Melbana Energy Limited. With the potential of unlocking substantial oil reserves in Cuba, the company remains committed to delivering optimal results while navigating the risks associated with such exploration endeavors.

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