Top Page
Melbana Energy Limited
(Sydney:MAY)
Melbana Energy Limited (MAY) vs. iShares MSCI Australia ETF (EWA)
Melbana Energy Limited Business Overview & Revenue Model
Melbana Energy Limited Financial Statement Overview
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 10.39M | 1.10M |
| Gross Profit | -5.89K | -5.89K | -135.00K | -126.00K | -121.64K | 1.08M |
| EBITDA | -1.81M | -3.67M | 3.60M | -563.00K | 6.51M | -1.81M |
| Net Income | -2.17M | -4.15M | 3.26M | -1.00M | 6.33M | -1.40M |
Balance Sheet | ||||||
| Total Assets | 80.17M | 80.17M | 96.35M | 58.21M | 50.25M | 15.60M |
| Cash, Cash Equivalents and Short-Term Investments | 5.12M | 5.12M | 12.32M | 34.98M | 35.57M | 10.68M |
| Total Debt | 0.00 | 0.00 | 0.00 | 130.82K | 0.00 | 0.00 |
| Total Liabilities | 24.24M | 24.24M | 40.42M | 5.21M | 13.08M | 8.51M |
| Stockholders Equity | 55.93M | 55.93M | 55.93M | 52.99M | 37.17M | 7.09M |
Cash Flow | ||||||
| Free Cash Flow | -38.27K | -38.27M | -69.60M | -48.50M | -41.34M | -9.55M |
| Operating Cash Flow | -3.62K | -3.62M | -3.67M | -2.62M | -2.12M | -2.00M |
| Investing Cash Flow | -3.13M | -3.80M | -18.67M | -13.87M | 3.26M | 11.60M |
| Financing Cash Flow | 0.00 | 0.00 | 0.00 | 15.77M | 23.83M | -126.00K |
Melbana Energy Limited Technical Analysis
Melbana Energy Limited Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | AU$80.47M | 12.78 | 10.27% | 13.04% | 10.44% | -55.67% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
56 Neutral | AU$79.50M | 25.00 | ― | 6.72% | ― | ― | |
49 Neutral | AU$34.04M | -8.33 | -7.26% | ― | ― | -220.00% | |
46 Neutral | AU$66.29M | -50.00 | -18.71% | ― | ― | 33.33% | |
46 Neutral | AU$107.53M | -17.95 | -7.73% | ― | ― | 17.02% | |
44 Neutral | AU$80.17M | -16.13 | -3.58% | ― | ― | 22.50% |
Melbana Energy Limited Corporate Events
During the December 2025 quarter, Melbana Energy advanced its Cuban and Australian assets, producing 3,101 barrels of crude from the Alameda-2 well in Block 9 before shutting it in to facilitate the planned Amistad-11 twin, leaving closing inventories at about 36,700 barrels. In Cuba, the Amistad-2 appraisal well was drilled deeper than planned to 2,000 metres, encountered substantial net reservoir with good porosity and high permeability but flowed only water on test, indicating the reservoir there is not in communication with Alameda-2, while low-cost 2D seismic was also acquired. In Australia, Melbana materially upgraded the unrisked prospective resources in its 100%-owned AC/P70 permit, with gas estimates rising 3.7% to 2,857 Bcf and oil by 81% to 78 million barrels, and ended the quarter with $4.38 million in cash, underscoring both the technical challenges in Cuba and the growing exploration potential offshore Australia.
The most recent analyst rating on (AU:MAY) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on Melbana Energy Limited stock, see the AU:MAY Stock Forecast page.
Melbana Energy has provided an operational update on Block 9 in Cuba, confirming that equipment and contractors remain ready to drill the Amistad-11 well, but noting that a rescheduled spud date depends on its joint venture partner funding its share of the program. Production from the existing Amistad-1 well was briefly restarted to relieve wellhead pressure and flowed unassisted to surface, indicating natural reservoir recharge, while new high‑resolution seismic and LIDAR data, along with planned 3D seismic acquisition in 2026, are expected to refine the subsurface model, optimise future well locations, and support ongoing analysis of why oil identified in Amistad-2 logs did not flow as anticipated.
The most recent analyst rating on (AU:MAY) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on Melbana Energy Limited stock, see the AU:MAY Stock Forecast page.
Melbana Energy Limited has provided an updated breakdown of its listed options on issue, specifically the $0.02 options expiring on 12 January 2027, indicating how these securities are distributed among its holders. The disclosure shows that all 436,764,704 listed options are concentrated among 79 holders, with no holdings in smaller retail ranges, highlighting a highly concentrated options register that may influence liquidity and trading dynamics for these securities.
The most recent analyst rating on (AU:MAY) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on Melbana Energy Limited stock, see the AU:MAY Stock Forecast page.
Melbana Energy Limited has released an updated register of its top 20 holders of listed options exercisable at $0.02 and expiring on 12 January 2027, showing that these investors collectively control approximately 79% of the 436.8 million options on issue. The largest positions are held through Morgan Stanley Australia Securities (Nominee) Pty Limited, Riddhi Group of Hotels Pty Ltd and several other nominee and private investment entities, indicating a relatively concentrated ownership structure in the company’s options that may influence future capital inflows and shareholder dynamics as these instruments approach maturity.
The most recent analyst rating on (AU:MAY) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on Melbana Energy Limited stock, see the AU:MAY Stock Forecast page.
Melbana Energy Limited has applied to the ASX for quotation of 436,764,704 options (MAYOA) expiring on 12 January 2027, with an issue date of 12 January 2026, following previously announced transactions. The large volume of new quoted options expands the company’s listed securities base, potentially enhancing liquidity and providing additional leverage for investors while signalling Melbana’s ongoing capital management and funding strategy for its energy projects.
The most recent analyst rating on (AU:MAY) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on Melbana Energy Limited stock, see the AU:MAY Stock Forecast page.
Melbana Energy Limited has announced an Options Prospectus detailing the issuance of placement options and bonus options to participants, directors, and lead managers involved in their recent placement activities. These offers, approved by shareholders, are not open to the public and aim to incentivize stakeholders and collaborators, potentially strengthening the company’s strategic initiatives and alignments.
Melbana Energy Limited announced it has lodged a prospectus to facilitate the issuing of options connected to an earlier placement for eligible sophisticated and professional investors. These options include Attaching Options, Bonus Options, and Joint Lead Manager Options, and they aim to allow secondary trading of shares issued via their exercise. While no immediate funds are raised, the company may benefit financially when options are exercised. This development aligns with regulatory compliance and supports the company’s operational initiatives.
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.
Melbana Energy Limited has clarified the status of Andrew Purcell’s tenure as a director, in response to a request from the ASX. Mr. Purcell was last re-elected in 2018 and has since been appointed as Executive Chairman, a role equivalent to a managing director, which exempts him from re-election under ASX Listing Rule 14.4. This clarification confirms that Mr. Purcell holds the principal executive office, allowing him to exercise significant control and decision-making authority within the company.
Melbana Energy Limited has requested a trading halt on its securities pending an announcement regarding the spud date of its Amistad-11 well in Block 9, onshore Cuba. This move is aimed at managing its continuous disclosure obligations, with the halt expected to last until the announcement is made or normal trading resumes on December 5, 2025.
Melbana Energy Limited announced the cessation of 22,594,581 performance rights due to the expiry of options or other convertible securities without exercise or conversion as of December 1, 2025. This cessation may impact the company’s capital structure and could influence investor perceptions and market positioning.
Melbana Energy Limited, an energy company listed on the Australian Securities Exchange, held its Annual General Meeting where all resolutions were decided by poll. The meeting resulted in the approval of several key resolutions, including the adoption of the remuneration report, re-election of a director, and approval of performance rights and options. However, the special resolutions for additional placement capacity and proportional takeover provisions were not carried. These outcomes may influence the company’s strategic decisions and stakeholder relations moving forward.
Melbana Energy Limited’s 2025 AGM highlighted its ongoing efforts in Cuba’s Block 9, where it commenced continuous production from Unit 1B in the Amistad formation. Despite challenges with the Amistad-2 well, the company plans to drill a new well, Amistad-11, to enhance production. In Australia, Melbana has strengthened its exploration portfolio with new resource estimates and secured a new exploration permit. The company’s technical insights and strategic moves aim to ramp up production and achieve regular exports, positioning it for success in FY2026.
Melbana Energy Limited has commenced mobilization for the drilling of the Amistad-11 well in Block 9, Cuba, with drilling expected to start by the end of November 2025. The new well aims to twin the successful Alameda-2 well, leveraging advanced well design and formation management techniques to enhance production rates. This strategic move reflects Melbana’s proactive approach to optimizing its operations and underscores its commitment to improving oil recovery in the region, potentially impacting its market position and stakeholder interests positively.
Melbana Energy Limited, listed on the Australian Securities Exchange under the ticker MAY, has issued a correction to its Notice of Annual General Meeting. The correction pertains to the Voting Exclusion Statement for Resolution 13, clarifying that if the Chair of the Meeting is appointed as a proxy for a person permitted to vote, the Chair will vote any proxies without specific instructions against Resolution 13, rather than in favor. Shareholders who have already submitted proxy forms can amend their votes by submitting a revised form by 10:30 am AEDT on 18 November 2025.
Melbana Energy Limited announced the completion of the Amistad-2 well in Block 9 PSC, Cuba, where no oil was recovered despite indications of a highly permeable reservoir. The well was drilled deeper than initially planned, and the results have shifted focus to a low-cost 2D seismic survey to inform future drilling strategies. The company is considering replacing the planned Amistad-3 well with Amistad-11, a shallow production well, pending joint operation approval. This development highlights the challenges in early-stage oilfield appraisal and underscores the importance of seismic data in optimizing well placement.
Melbana Energy Limited has requested a trading halt on its securities pending the release of an announcement concerning the results of testing operations at its Amistad-2 well in Block 9, onshore Cuba. This move is aimed at managing the company’s continuous disclosure obligations as it prepares to make a material announcement that could impact its market position and stakeholder interests.