Past year: ▼ 77%(0.30c – 1.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Nov 2023drilling scheduled● Neutral
Alameda-3 spud is now projected for the week of 11 December, slipping from November. Targets are the deeper Alameda and Marti reservoirs (179 MMbbl prospective, best estimate). Melbana expects Alameda-2 results to support a resource upgrade for the Amistad units, with the certifier to assess shortly.
16 Nov 2023investor presentation● Neutral
Presentation for the 16 November 2023 AGM. The extract shows only disclaimers and no new information.
2 Nov 2023production update▲ Good
Early production from Alameda-2 Unit 1B ran 10 days, delivering 20 tanker loads of oil to storage, peaking at 1,183 bopd. The well is now shut in to measure pressure build-up, which will inform the field development plan. Alameda-3 inventory is still arriving.
4 Oct 2023drilling progress report● Neutral
Alameda-3 remains on target to spud in November, with the rig on site and casing arriving. Early production from Alameda-2 Unit 1B is nearly ready and will pause when Alameda-3 drilling starts. Continues the plan set in September.
27 Sept 2023other● Neutral
Appendix 4G governance checklist lodged with the annual report, pointing to the corporate governance statement. Administrative only.
27 Sept 2023annual report● Neutral
2023 annual report, with the chairman's letter recapping the disappointing Zapato-1 and the Alameda-2 results, including Unit 1B oil that was lighter than typical for Cuba. The Appendix 4G confirms the governance statement. No new figures in the extract.
20 Sept 2023production update▲ GoodMajor
Alameda-1 was plugged and abandoned as originally planned. Alameda-3 will spud in November 2023 to test the deeper Alameda and Marti formations. Early production from Alameda-2 Unit 1B is planned beforehand; 1,500 barrels of test oil have been trucked to a storage facility so far.
7 Sept 2023investor presentation● Neutral
Chief Commercial Officer Dr Chris McKeown will present at the RIU Good Oil & Gas conference in Perth on 7 September 2023. Notice only, no new information.
28 Aug 2023flow test result▲ GoodMajor
Alameda-2 Unit 1B flowed lighter oil (19° API, 30 cP) to surface, peaking at 1,903 barrels a day and averaging 1,235 over a stabilised 12 hours, with no formation water. Unit 2 showed no moveable oil. Unit 1B is completed for production and the field development plan is under review.
28 Aug 2023investor presentation● Neutral
Webinar slides for the 28 August Alameda-2 update, repeating the flow test results announced the same day. No new information is evident from the extract.
25 Aug 2023investor presentation● Neutral
Melbana announces an investor webinar on 28 August 2023 to update on Alameda-2 operations. The notice has no new information.
24 Aug 2023other● Neutral
ASX temporarily paused trading in Melbana shares pending a further announcement. No reason is given in the notice.
15 Aug 2023well test result▲ GoodMajor
Unit 3 test confirmed moveable heavy oil, with an inflow rate equivalent to about 750 barrels a day, though it did not flow to surface. No formation water seen. Total logged net pay is now 346m (615m with fractures); Unit 2 testing has begun.
4 Aug 2023drilling result▲ GoodMajor
Alameda-2 reached planned total depth early. Logged net pay in Amistad Units 1A, 1B and 2 rises to 243m from 84m in Alameda-1 (538m allowing for fractures). Unit 3 logs are not yet included; resource update awaits testing.
19 July 2023investor presentation● Neutral
Melbana announces an investor webinar on 21 July 2023 where Andrew Purcell will update on Alameda-2. No new information in the notice itself.
14 July 2023drilling progress report▲ Good
Alameda-2 reached 1,597mMD for the current hole section, ahead of plan, with oil shows and high gas through the reservoir and a third core taken. Logging and casing come next, then drilling to about 1,960mMD. No test results yet.
5 July 2023well test result▲ GoodMajor
Alameda-2's shallowest Amistad unit (1A) flowed oil to surface unassisted from a 63m interval, though not at a measurable rate (40 barrels recovered). Oil is heavy (11.7° API). Melbana had given it low odds and counted no resource from it; drilling continues to deeper units.
4 July 2023resource reserve update▲ GoodMajor
Maiden estimate for the Hudson carbonate prospect in WA-544-P and NT/P87 (Melbana 100%): mean 395 MMbbl oil-only or 2,034 bcf gas-only, with a 12% chance of success. Melbana plans to farm out part to fund 3D seismic.
20 June 2023drilling spud▲ GoodMajor
Drilling of Alameda-2, the first of two Block 9 appraisal wells (Melbana 30%, operator), began on 19 June 2023 (Cuban time). It tests the Amistad zone and resumes drilling after the Zapato-1 disappointment.
15 June 2023drilling scheduled▲ Good
Preparations for Alameda-2 are expected to finish by Monday 19 June 2023 (Cuban time), with the conductor set and drilling to follow shortly after. A Block 9 committee meeting with Sonangol and CUPET was held.
8 June 2023drilling progress report● Neutral
Rig assembly for Alameda-2 is well advanced, camp is operational and weather is good. The spud date is still to be confirmed.
6 June 2023director officer appointment▲ Good
Dr Chris McKeown joins as Chief Commercial Officer, after a decade at New Zealand Oil & Gas. He is expected to help with farmouts and growth, adding to the 2022 management hires.
25 May 2023drilling scheduled▲ Good
Mobilisation for Alameda-2 has begun; the cellar is built and camp should be operational within a week. Planned TD is 1,960mMD, targeting the Amistad zone (1.9bn bbl in place, 88 MMbbl prospective). Purcell and the CFO will be on site in June.
16 May 2023drilling scheduled● Neutral
The rig contractor expected to start mobilising in two days. Ahead of a voluntary trading blackout, Purcell sold 10m shares for $872,439 and Stickland sold 2.2m for $200,900, and Purcell remained the largest shareholder with an indirect 7.0%.
8 May 2023drilling scheduled▲ Good
The drilling contractor is ahead of schedule and expects to start mobilising the rig to Melbana's pad within 10 to 14 days, earlier than the delay implied.
28 Apr 2023other● Neutral
Share registry provider changes from Link Market Services to Boardroom from 1 May 2023. Administrative only.
20 Apr 2023drilling scheduled● Neutral
The contractor has started the last well of its other Cuban program and will then move straight to Alameda-2. Melbana says all personnel, equipment and permits are in place.
19 Apr 2023regulatory community update● Neutral
The regulator approved a 24-month suspension of the AC/P70 Permit Year 1-3 work commitments with a matching extension of the permit term. Permit Year 1-3 now ends on 14 February 2027 and the permit term on 14 February 2030.
23 Mar 2023drilling scheduled▼ Bad
Alameda-2 start is delayed about five weeks because the Cuban government asked the rig contractor to drill a second gas well for a power plant first. Melbana calls it temporary; continuous drilling of both wells could save over $1m.
9 Mar 2023half year report● Neutral
Half-year to 31 December 2022 shows a profit of $403,754, versus a $9.49m profit a year earlier. Zapato-1 remains suspended with no decision, Alameda-2 and -3 are the forward program, and WA-488-P's extension to August 2024 was approved in February 2023.
