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MOVE your SUPER-TANKER out of my DEEP-WATER PORT, page-504

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avthold04

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04/04/24

10:50

Post #: 73183459
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Originally posted by avthold04: ↑

Melbana are aiming to bring production of 5000 barrels perday online by the end of 2024, with a goal of rapidly rampingup production to 20,000 barrels per day within short order.The longer-term potential could see the project delivering65,000 barrels of oil per day to oil-hungry regional oil tradersand buyers. Something that McKeown is very focused ondelivering.In the west, often quick to brand countries.Typical Cuban rates are from heavier “vegemite oil” locatedin the upper, shallow reservoirs. Pre-drilling the explorationwell and appraisal well Melbana believed that the deeper oilshould be of a lighter, higher quality. This was borne out fromthe Alameda-2 appraisal well, which showed that oil could getlighter at depth. The most significant result from the Alameda-2 well is that the oil found is more like “black runny honey”. Thehigher quality oil that flowed freely to surface at the Almeda-2appraisal well from the Amistad Formation was delivered at arate higher than previous wells and has a much lighter oil typeand is of lower Sulphur than normal. This prompted Melbanato declare a discovery that was widely reported in the Cubanmedia.But that’s just the start for Melbana.

Melbana is fully funded and aims to expedite production atits Alameda-1, 2 and 3 this year with ongoing appraisal workat the latter two wells which yield encouraging recoveryrates if average, historical yields in Cuba are applied. Thedevelopment plans are being finalised for presentation to theJV and government regulator in the next month or so.

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By the end of 2024 5000 bpd x 365 days at say a conservative profit of US$15 = US27.3m - Melbana's share AUD $12m pa

MAY Price at posting: 6.0¢ Sentiment: Buy Disclosure: Held
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