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An announcement from Melbana Energy Limited ( (AU:MAY) ) is now available.
Melbana Energy Limited announced a successful workover of Unit 1B in Block 9, Cuba, resulting in a significant increase in production rates from 293 to 488 barrels of oil per day. This improvement is part of their ongoing efforts to optimize production, with plans to commence drilling a new production well, Amistad-2, next month. The workover program involved various technical interventions, including acid treatments and the use of a progressive cavity pump, which have provided valuable data to enhance future production strategies.
More about Melbana Energy Limited
Melbana Energy Limited operates in the energy sector, focusing on oil exploration and production. The company is involved in onshore oil projects, particularly in Cuba, and holds a 30% interest in Block 9 PSC.
Technical Sentiment Signal: Buy
Current Market Cap: $53.03M
For a thorough assessment of MAY stock, go to TipRanks’ Stock Analysis page.