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Melbana Energy Limited ( (AU:MAY) ) has shared an update.
Melbana Energy Limited has announced the deferral of drilling the Amistad-11 well in Block 9, onshore Cuba, due to non-payment of outstanding amounts by its partner, Sonangol. Sonangol has requested the deferral to align with its 2026 budget, leading Melbana to demobilize personnel and equipment. The company has issued a Notice of Default to Sonangol, which could result in Sonangol having to assign its interest in Block 9 to Melbana if the default is not resolved within sixty days.
More about Melbana Energy Limited
Melbana Energy Limited operates in the energy sector, focusing on oil and gas exploration and production. The company holds a 30% interest in the Block 9 Production Sharing Contract onshore Cuba, with the remaining 70% held by Sonangol Pesquisa e Produção SA, the National Oil Company of Angola.
Average Trading Volume: 6,466,908
Technical Sentiment Signal: Sell
Current Market Cap: A$45.38M
See more data about MAY stock on TipRanks’ Stock Analysis page.