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Melbana Energy Limited ( (AU:MAY) ) has provided an announcement.
Melbana Energy has provided an operational update on Block 9 in Cuba, confirming that equipment and contractors remain ready to drill the Amistad-11 well, but noting that a rescheduled spud date depends on its joint venture partner funding its share of the program. Production from the existing Amistad-1 well was briefly restarted to relieve wellhead pressure and flowed unassisted to surface, indicating natural reservoir recharge, while new high‑resolution seismic and LIDAR data, along with planned 3D seismic acquisition in 2026, are expected to refine the subsurface model, optimise future well locations, and support ongoing analysis of why oil identified in Amistad-2 logs did not flow as anticipated.
The most recent analyst rating on (AU:MAY) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on Melbana Energy Limited stock, see the AU:MAY Stock Forecast page.
More about Melbana Energy Limited
Melbana Energy Limited is an Australian-listed oil and gas company focused on exploration and production activities, including operatorship of onshore assets such as Block 9 in Cuba, where it holds a 30% interest alongside Sonangol, Angola’s national oil company, which holds the remaining 70%.
Average Trading Volume: 5,614,555
Technical Sentiment Signal: Sell
Current Market Cap: A$34.04M
Learn more about MAY stock on TipRanks’ Stock Analysis page.