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The latest update is out from Melbana Energy Limited ( (AU:MAY) ).
Melbana Energy Limited announced a correction to its previous statement regarding the increase in Prospective Gas Resource in its AC/P70 exploration permit. The corrected figure indicates a 3.7% increase, rather than 37%, in Prospective Gas Resource. The company also reported an 81% increase in Prospective Oil Resource and the maturation of the Hadrosaurus lead to Prospect status. The ongoing farmout process aims to secure a partner to fund further exploration, with interest driven by the scale of resources and the strategic importance of gas as a transition fuel.
More about Melbana Energy Limited
Melbana Energy Limited is an energy company focused on the exploration and development of oil and gas resources. The company operates primarily in offshore northwestern Australia, with a focus on leveraging advanced geophysical analyses to enhance resource estimates and explore undeveloped prospects.
Average Trading Volume: 6,779,780
Technical Sentiment Signal: Sell
Current Market Cap: A$71.86M
See more data about MAY stock on TipRanks’ Stock Analysis page.