Past year: ▼ 77%(0.30c – 1.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
26 Sept 2025drilling progress report▲ Good
Amistad-2 surface hole drilled to 327 metres with oil staining in non-reservoir rock; casing is cemented and drilling out has begun toward the Unit 1A reservoir. Company says progress is slightly ahead of plan. No reservoir result yet.
26 Sept 2025annual report● Neutral
Appendix 4G governance checklist for the year to 30 June 2025, lodged with the annual report. Administrative; no new company news.
19 Sept 2025security holder rights change● Neutral
Addendum to the EGM notice: the 25,000,000 options for the placement's lead managers are changed to a $0.02 exercise price, with bonus options and possible quotation, to match the attaching options. Lead managers also get 6% fees on proceeds.
19 Sept 2025drilling spud▲ GoodMajor
Drilling of Amistad-2, Melbana's first dedicated production well in Cuba's Block 9 (30%), began on 18 September 2025, close to the mid-September target after earlier delays. Planned depth is 1125 metres; the bit was at 37 metres.
16 Sept 2025agm notice● Neutral
Letter inviting shareholders to a virtual extraordinary general meeting on 15 October 2025. Administrative; the meeting follows the placement's option approvals announced in August.
10 Sept 2025agm notice● Neutral
Annual general meeting set for 20 November 2025; director nominations close 17 September 2025. Administrative notice only.
26 Aug 2025regulatory community update▲ Good
Regulator approved dropping the 3D seismic requirements (300km² and 400km²) in Year 4 of WA-544-P and NT/P87 (100%, Hudson prospect), replacing them with studies and well planning. Melbana now has until 23 May 2027 to decide on drilling one well by May 2028. Farmout search continues.
21 Aug 2025drilling scheduled● NeutralMajor
Rig is mobilising for Amistad-2 in Cuba, with spud projected mid-September and results mid-October, after repeated delays when the preferred rig was redirected. Over 30,000 barrels are in storage; first cargo is promised this year, but is held back to see Amistad-2 output.
21 Aug 2025capital raising announcement● NeutralMajor
Melbana raised about $7m via a placement of 411,764,706 shares at $0.017, a 22.7% discount to the last close. Each share carries a $0.02 one-year option (needs shareholder approval). Funds go to its share of Amistad-2 drilling costs and general purposes, after cash fell to $5.1m.
What it means for a shareholder
412m new shares at A$0.017 to raise about A$7.0m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held A$1,000 of shares (58,824 at the issue price), your slice goes from 0.00175% to 0.00156% of the company. To keep it you'd need 7,187 more shares - about A$122 at the issue price.
Create a free account to see this worked out for your own holding.
21 Aug 2025investor presentation● Neutral
Corporate presentation dated 19 August 2025 giving a general overview of the company, including the 46 MMbbl Cuba contingent resource. Text shown is mostly disclaimers; no new announcement is evident from the readable portion.
31 July 2025admin correction● Neutral
Corrects a typo in the June quarter highlights: production since mid-April came from Alameda-2, not Amistad-2. No other changes.
31 July 2025quarterly activities report▼ Bad
June quarter: Alameda-2 stored 14,259 barrels in the quarter, taking inventory to 22,863 barrels, but no first shipment is reported and Amistad-2 is still undrilled. Cash fell to $5.1m from $7.6m. AC/P70 is being marketed to partners.
14 May 2025production update▲ Good
Alameda-2 has produced continuously since mid-April, with over 15,000 barrels stored and the first shipment expected end of June. Amistad-2 pad and permits are ready; Amistad-3 civil works begun. Company says financing talks continue and expects a final investment decision before year end.
28 Apr 2025quarterly activities report● Neutral
March quarter: the Alameda-2 workover began on 17 February and clean-up flow was underway, while construction of the Amistad-2 road and pad started, with spud planned for the June quarter. Cash fell to $7.6m from $9.7m, and the first cargo remained a priority.
15 Apr 2025well test result▲ GoodMajor
Alameda-2 workover succeeded: a 12-hour test averaged 488 bopd versus 293 bopd before, a 66% rise, though below the 1,235 bopd originally achieved. Well is on full-time production; Amistad-2 drilling expected to start late May. Alameda-3 may also be remediable.
7 Mar 2025other▼ Bad
S&P index notice listing quarterly rebalance changes; Melbana (MAY) is among the companies removed from the All Ordinaries effective 24 March 2025. It carries no company news; it reverses the March 2023 inclusion.
7 Mar 2025half year report▼ Bad
Half-year to December 2024 shows a loss of $1.99m (versus $0.70m a year earlier). Report restates the Block 9 plan: Alameda-2 acid workover, then Amistad-2 and Amistad-3 wells, with the workover awaiting the service rig.
26 Feb 2025resource reserve update▲ GoodMajor
Maiden resource estimates for AC/P70 (100%): Contingent Resource 276 Bcf gas and 34 MMbbl oil (best estimate) at the Vesta and Swan discoveries, plus Prospective Resource 2,754 Bcf and 43 MMbbl. An advisor is appointed to find a partner to fund work.
23 Jan 2025quarterly activities report● Neutral
December quarter: Alameda-2 workover now on track for early February (slipped from January), with Amistad-2 to follow. Offtake terms with an international trader are still being finalised. Cash was $9.7m, little changed from $9.6m.
7 Jan 2025security holder rights change● Neutral
Melbana set up a sale facility for holdings worth under $500 (18,518 shares or fewer at $0.027), covering over 2,375 of about 8,270 holders. Unless they opt out by 3 March 2025, shares are sold free of brokerage, cutting admin costs.
19 Dec 2024regulatory community update● Neutral
Cuba Block 9 2025 work plan and budget approved by partner and regulator, and Melbana's subsidiary approved as Cuban operator. Hurricane shipping delays push the Alameda-2 workover to January, with Amistad-2 drilling to follow immediately; civil works permits received.
6 Dec 2024admin correction● Neutral
Melbana corrected its FY24 governance checklist: it should not have ticked full compliance on audit committee composition, as the committee has 3 members including 1 executive director, and the website link was missing.
19 Nov 2024agm notice▼ Bad
AGM chairman's address and presentation. The first cargo is no longer expected in 2024 after late-season hurricanes, and is now targeted early in the new year. Otherwise it repeats known points.
18 Oct 2024quarterly activities report● Neutral
September quarter report repeats Unit 1B development approval and the November workover plan, with first cargo still targeted for end-2024. Alameda-3 poor flow is attributed to likely formation damage from mud weight and exposure. Cash fell to $9.6m from $12.4m.
17 Oct 2024agm notice● Neutral
Letter telling shareholders the AGM is on 19 November 2024 in North Sydney, with meeting materials online and proxies due 17 November. Administrative only.
27 Sept 2024annual report▼ Bad
FY2024 annual report calls Alameda-3 a disappointment and says the earlier 5,000 bopd by end-2024 goal is probably not achievable, now hoped for in Q1 or Q2 2025. The first trial cargo is still targeted by end-2024.
27 Sept 2024admin correction● Neutral
Corporate governance checklist (Appendix 4G) for FY2024, lodged with the annual report. Administrative filing with no new business information.
19 Sept 2024regulatory community update▲ GoodMajor
Melbana was granted offshore permit WA-552-P in the Dampier Sub-basin through a wholly owned subsidiary. The first three years require only desktop work costing about A$0.8m, with a A$30m well in year 6 at Melbana's election.
11 Sept 2024regulatory community update▲ GoodMajor
Initial Unit 1B development approved by partner and regulator, with construction approved for the next well pad and export approvals in place. Alameda-2 remediation is planned for November, aiming to restore 1,235 bopd; first cargo is still targeted for end-2024. Alameda-3 deeper remediation is deferred.
10 Sept 2024agm notice● Neutral
The 2024 AGM is set for 19 November 2024, with director nominations closing 17 September. Administrative notice only.
