Melbana Energy Limited (AU:MAY) has released an update.
Discover the Best Stocks and Maximize Your Portfolio:
- See what stocks are receiving strong buy ratings from top-rated analysts.
- Filter, analyze, and streamline your search for investment opportunities with TipRanks’ Stock Screener.
Melbana Energy Limited has reached a total depth of 3880 meters at the Alameda-3 well in Block 9, observing significant natural fracturing and oil presence at deep levels, though uncontaminated samples have yet to be obtained due to potential reactions with drilling mud. Despite high formation pressures and indications of fracturing, the oil has not flowed to the surface, prompting the company to suspend testing of the Marti reservoir to analyze collected data while concurrently preparing to test the shallower Alameda formation.
For further insights into AU:MAY stock, check out TipRanks’ Stock Analysis page.
