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The latest announcement is out from Melbana Energy Limited ( (AU:MAY) ).
Melbana Energy Limited has announced an update to its prospective resource estimates for the AC/P70 exploration permit, highlighting a significant increase in both gas and oil resources. The company has reported a 37% increase in prospective gas resources and an 81% increase in prospective oil resources. These updates have been driven by advanced geophysical analyses, which have also elevated the Hadrosaurus lead to prospect status. The enhanced resource estimates and proximity to existing infrastructure have heightened interest in the farmout process, as Melbana seeks a partner to fund future work. This development underscores the permit’s potential for LNG-scale gas accumulations and multiple oil prospects, reinforcing its strategic importance in the energy transition landscape.
More about Melbana Energy Limited
Melbana Energy Limited is an energy company operating in the oil and gas industry, focusing on exploration and development. The company holds a 100% stake in the AC/P70 exploration permit located in the Timor Sea offshore northwestern Australia, an area known for its potential in gas and oil production. The permit is strategically positioned near existing infrastructure, facilitating a clear path to commercialization.
Average Trading Volume: 6,779,780
Technical Sentiment Signal: Sell
Current Market Cap: A$71.86M
For a thorough assessment of MAY stock, go to TipRanks’ Stock Analysis page.