Melbana Energy Advances Oil Production in Cuba’s Block 9

Melbana Energy Limited ( (AU:MAY) ) has issued an update.

Melbana Energy Limited has announced a significant operational update for its Block 9 PSC onshore Cuba, where it is the operator. The company has successfully stored over 15,000 barrels of oil from its Alameda-2 production well, with the first shipment expected by the end of June. The ongoing production and upcoming Amistad-2 well, designed to maximize output, are crucial steps towards securing financing for further field development. The company has completed necessary civil works and received permits for Amistad-2, with drilling expected to commence soon. These developments are poised to enhance Melbana’s operational efficiency and market positioning in the energy sector.

The most recent analyst rating on (AU:MAY) stock is a Buy with a A$0.19 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 operates in the energy sector, focusing on oil exploration and production. The company is involved in the development of oil fields and holds a 30% interest in Block 9 PSC onshore Cuba.

Average Trading Volume: 3,820,725

Technical Sentiment Signal: Sell

Current Market Cap: A$87.63M

For an in-depth examination of MAY stock, go to TipRanks’ Stock Analysis page.