4 Oct 2022drilling progress report▼ Bad
Zapato-1ST passed 2,700mMD without reaching the target; the estimated top of the target formation is now revised to about 2,800mMD. Hurricane Ian had minimal impact on drilling.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
26 Sept 2022drilling progress report● Neutral
Zapato-1ST is at 2,642mMD in hard volcanics, just short of the expected 2,650mMD start of the target formation.
15 Sept 2022drilling progress report● Neutral
Zapato-1ST is at 2,451mMD and drilling slowly through hard formation. The target formation is still expected to start near 2,650mMD.
8 Sept 2022drilling progress report● Neutral
Zapato-1ST is at 2,353mMD. Time was lost to an electrical fault from a storm and a bit change. Drilling is expected to resume shortly. Option expiry reminder repeated.
1 Sept 2022drilling progress report● Neutral
9-5/8" casing was set and cemented at 2,298mMD and the BOP pressure tested. Drilling in 8-1/2" hole is expected to resume after a leak-off test. Option expiry reminder repeated.
25 Aug 2022drilling progress report● Neutral
Zapato-1ST reached about 2,303mMD, where the bit was pulled and 9-5/8" casing is being prepared over more than 1,000m of open hole. The ophiolite is thicker than prognosed. Sonangol visited Melbourne to discuss Block 9 appraisal plans.
16 Aug 2022drilling progress report● Neutral
Zapato-1ST is at 2,150mMD, still in overburden. Some time was lost recovering debris after a bit failure. Melbana says its operations were not affected by the Matanzas terminal fire.
4 Aug 2022drilling progress report● Neutral
Zapato-1ST side-track is at 1,942mMD, still in overburden as expected. Because volcanics were met about 300m higher than expected, the target may also come in shallower than the 2,650m estimate.
1 Aug 2022resource reserve update▲ GoodMajor
McDaniel assessed the Marti reservoir at 1.5 billion barrels in place and 95 MMbbl mean prospective resource (100%), up from 72 MMbbl pre-drill. Completes the Alameda-1 set: 6.4 billion barrels and 362 MMbbl across three zones. Melbana holds 30%.
27 July 2022drilling progress report● Neutral
The Zapato-1 side-track is under way at about 1,622m, still in hard volcanics as expected. It may pass the previous depth of about 1,700m by week's end.
18 July 2022drilling progress report● Neutral
Zapato-1's drill string stuck at 1,698m and was severed, a cement plug set and a side-track started. Free oil was seen at surface while still in the overlying ophiolite, which the company calls encouraging. Target is still expected from about 2,650m.
8 July 2022resource reserve update▲ GoodMajor
McDaniel assessed the Alameda zone at 2.3 billion barrels of oil in place and 148 MMbbl mean prospective resource (100%), 56% chance of discovery; Melbana's 30% is about 44 MMbbl. With Amistad, the two zones total 267 MMbbl. Marti is still awaited.
29 June 2022drilling progress report● Neutral
Zapato-1 is at 1,666m. The hard ophiolite formation was met higher than prognosed, so a liner is being set before drilling on. Target still expected from about 2,650m.
16 June 2022drilling progress report● Neutral
Zapato-1 is at 1,482m. Progress has slowed because of hard formations, which the company says was predicted but is higher than prognosed. Target still expected from 2,650m.
7 June 2022drilling progress report● Neutral
Zapato-1 has reached 1,233m, going to plan despite heavy rain. The target is still expected to start around 2,650m.
1 June 2022drilling progress report● Neutral
Zapato-1 is at 586m, with the target expected from 2,650m. McDaniel certification of Alameda and Marti is expected in about a month. Melbana is seeking approvals to appraise the Amistad zones (119 MMbbl) straight after Zapato-1.
23 May 2022drilling spud● NeutralMajor
Zapato-1, the second Block 9 well, began drilling on Saturday 21 May Cuban time. It targets the suspected source of the old Motembo oil field, with a 95 MMbbl best estimate. Melbana holds 30%.
13 May 2022drilling scheduled● Neutral
Zapato-1 preparations are on schedule: pad and roads are complete, the rig is largely on site, and drilling is still due in the last week of May. The target carries a 95 MMbbl best estimate.
28 Apr 2022drilling scheduled● NeutralMajor
Early short tests of the deeper Alameda-1 zones are dropped as impractical given the high pressures; longer testing is deferred until after Zapato-1. Zapato-1 (95 MMbbl best estimate, 23% chance of success) is now due to start in the last week of May.
13 Apr 2022drilling progress report▼ Bad
Oil kept flowing into the well before the planned Marti side-track could start, probably because pressure exceeded the roughly 250m cement plug. The short test is abandoned: Alameda zone gets sampled, then the rig moves to Zapato-1. This reverses the mid-April Marti flow-test plan.
7 Apr 2022drilling result▲ GoodMajor
Logs show about 62m (52m vertical) of net pay in the Marti zone. Across all three zones net pay totals about 300m (278m vertical). Amistad figures were upgraded using a more optimistic porosity cut-off. A full updated resource estimate is still to come.
29 Mar 2022drilling progress report● Neutral
Logging of the Marti zone is complete, though the bottom 16m (strongest influx) could not be logged. Some formation water appeared with the oil at total depth. A short side-track is planned for flow testing, now projected from about mid-April.
17 Mar 2022drilling result▲ GoodMajor
Alameda-1 was stopped at 3,916m after a further oil and gas influx and rising pressure. Almost 300m of the Marti zone showed continuous oil shows, making three significant intervals in the well. Logging and flow testing are next; Zapato-1 follows.
14 Mar 2022resource reserve update▲ GoodMajor
McDaniel assessed the shallow Amistad zones at Alameda-1 at 2.5 billion barrels of oil in place and 119 MMbbl mean unrisked prospective resource (100% basis), with an 86% chance of success in at least one of three zones. Melbana's 30% share is about 35 MMbbl mean. The zones were renamed.
9 Mar 2022drilling progress report● Neutral
At 3,769m, Alameda-1 met a high-pressure zone and hydrocarbons flowed into the wellbore, with strong oil shows. The influx is being circulated out and flared, and drilling resumes once mud is weighted up to about 1.88sg.
3 Mar 2022drilling progress report▲ Good
Alameda-1 is now in the 6-inch hole at 3,727m, in the upper part of the second primary target (I Sheet). Strong oil shows with free oil and gas continue over 103m so far. Total depth is expected near 4,000m.
24 Feb 2022drilling result▲ GoodMajor
Logs interpret about 100m of net hydrocarbon pay across a roughly 560m gross interval in the N structure at Alameda-1, with extensive natural fracturing and high pressure. This adds to the shallow Amistad pay. Flow testing is expected from mid-March, and an updated resource estimate will follow.
22 Feb 2022drilling progress report▲ Good
Logging of the N structure is complete, with a preliminary view showing several porous, naturally fractured zones. Drilling toward the Alameda target should resume by end of week, and flow test planning continues.
16 Feb 2022drilling progress report● Neutral
Logging of the N structure is nearly done; a 7-inch liner will isolate it before drilling on toward the Alameda target. Flow tests are planned on the N interval after drilling, and a separate shallow appraisal well is being planned for the Upper Sheet.
7 Feb 2022drilling progress report▲ Good
Alameda-1 called total depth on the N section at about 3,590m, with a potential gross oil-bearing reservoir interval of up to 500m and strong gas. Logging comes next, then a 7-inch liner and a deeper hole to the larger Alameda target.