Melbana Energy Limited (AU:MAY) has released an update.
Melbana Energy Limited reports progress on their Alameda-3 well in Cuba, reaching a total depth of 3880m and discovering high-quality oil indications in fractured reservoirs, despite challenges in recovering drill string fluids during testing. In Australia, the company received an environmental permit for WA-488-P, with potential to impact exploration in adjacent areas. Melbana ends the quarter with a solid $12.4 million in cash, poised for future developments.
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