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Melbana Energy Limited ( (AU:MAY) ) has issued an announcement.
Melbana Energy Limited has announced the mobilization of a drill rig for the Amistad-2 production well in Cuba, with drilling expected to commence in mid-September 2025. The company has overcome logistical challenges, including hurricane damage and power outages, to resume its operations. The Amistad-2 well is anticipated to enhance oil production, contributing to Melbana’s inventory of over 30,000 barrels of oil. The company has also secured a $7 million placement to support its financial resources amidst the delays, aiming to incorporate lessons learned into its field development plan and start generating revenue.
The most recent analyst rating on (AU:MAY) stock is a Buy with a A$0.08 price target. To see the full list of analyst forecasts on Melbana Energy Limited stock, see the AU:MAY Stock Forecast page.
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 (PSC) onshore Cuba, where it is the operator.
Average Trading Volume: 1,907,554
Technical Sentiment Signal: Sell
Current Market Cap: A$74.14M
Find detailed analytics on MAY stock on TipRanks’ Stock Analysis page.