Melbana Energy’s Executive Chairman, Andrew Purcell, commented: “This review by McDaniel and Associates lends increased confidence there are 46 million barrels of recoverable higher quality oil in just this one productive Unit 1B (one of four) of this shallowest oil-bearing structure (one of three) from our first discoveries in a ~2,500km2 onshore block where we have identified 19 additional leads. An initial field development plan for this relatively shallow/higher quality Unit 1B oil is now being finalised for partner and regulatory approvals with the goal remaining to export the first cargo before the end of 2024.”
MAY Price at posting:
5.9¢ Sentiment: Buy Disclosure: Held
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