Past year: ▼ 77%(0.30c – 1.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
16 Feb 2022regulatory community update▲ GoodMajor
Melbana was granted offshore permit AC/P70 in the Ashmore and Cartier Islands for six years. It contains the undeveloped Vesta-1 oil discovery (2005), with a gas cap found by Vesta-2. The guaranteed years 1-3 work program includes seismic licensing, studies, planning and a A$23m exploration well.
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.
1 Feb 2022drilling progress report▲ Good
Alameda-1 hit strong oil shows in the N Sheet, the first primary target, with free oil at surface and shows from 3,055m to 3,200m (145m gross). It is the well's second oil interval; the larger Alameda target remains ahead. Logs are needed to confirm significance.
31 Jan 2022other● Neutral
ASX paused trading in Melbana shares pending a further announcement. No reason is given in the notice; the 1 February drilling update followed.
27 Jan 2022drilling progress report▲ Good
Alameda-1 reached 2,971m, with oil and some gas shows from 2,865m as it approaches the N target forecast near 3,000m. Rock matching the expected seal above N was drilled. Significance of the shows is not yet known.
19 Jan 2022drilling progress report● Neutral
Casing and the higher-pressure blowout preventer are installed and drilling resumed, now at 2,622m. Alameda-1 completion is now forecast for end of February, with Zapato-1 next. Purcell is in Cuba; an updated resource assessment is promised.
12 Jan 2022drilling progress report● Neutral
Alameda-1 was drilled to 2,592m, logged, and 9-5/8 inch casing is being run. The N target is still forecast near 3,000m.
4 Jan 2022drilling progress report● Neutral
Alameda-1 reached 2,511m, with drilling continuous over Christmas. Casing will be set near 2,700m, before the N target at about 3,000m and the larger Alameda target at about 3,600m.
21 Dec 2021drilling progress report▲ Good
Drilling at Alameda-1 restarted on 16 December after the supply-related standby and reached 2,093m. The primary N and Alameda targets are still to be reached.
10 Dec 2021drilling progress report▲ Good
Drilling supplies reached Cuba and more are due around 20 December, projected to be enough to finish Alameda-1. Drilling should restart around the end of next week. The Zapato-1 well pad is complete.
26 Nov 2021investor presentation● Neutral
AGM presentation. Company data shows 2,673m shares, 547m options, 2.2c last close, about $58.8m market cap, $22.6m cash at 30 September and no debt. Largely restates known facts.
26 Nov 2021drilling progress report▲ Good
Drilling supplies for Alameda-1 have been secured, with the first shipment due 29 November, so preparations to restart drilling have begun. The well was shut in at about 1,892m after a high-pressure zone was met 350m shallower than predicted.
24 Nov 2021asset acquisition disposition▲ GoodMajor
Sale of WA-488-P (Beehive prospect) to EOG completed, with US$7.5m received. Up to US$5m contingent and US$10m per 25m boe produced may follow. Resolves the pending sale; Melbana keeps WA-544-P and NT/P87.
22 Nov 2021asset acquisition disposition▲ Good
The regulator approved and registered the transfer of WA-488-P to EOG Australia, satisfying the last third-party condition for completion of the sale. Completion itself is still to come.
9 Nov 2021drilling progress report▼ BadMajor
Alameda-1 was shut in at 1,892m because shipping delays left it short of barite for mud, pausing drilling. Melbana has begun planning an extra well on the same pad to test the shallow Amistad oil zone.
2 Nov 2021drilling progress report● Neutral
Liner repairs on Alameda-1 are complete, with pressure testing next before drilling resumes. An oil sample measured 15° API, lighter than nearby Varadero oil, though sampling was not ideal. Mapping of the shallow zone has started.
29 Oct 2021annual report● Neutral
Audited annual report for the year to 30 June 2021 is lodged, covering Block 9 progress with Sonangol (70%) and Sherritt as drilling contractor. The AGM is set for 26 November 2021. Follows the unaudited results of 30 September.
26 Oct 2021drilling progress report● Neutral
Melbana now considers the shallow zone in Alameda-1 an oil and gas discovery, though commerciality is undetermined. Drilling was delayed because the cement behind the liner did not set properly and needed remedial work.
19 Oct 2021drilling result▲ GoodMajor
Logs on Alameda-1 indicate at least 48 net metres of potential oil and gas pay across 11 zones (415m gross), rising to about 100m on a looser cut-off. About 290m could not be logged. Primary targets are still to be drilled.
12 Oct 2021drilling progress report● Neutral
Alameda-1 hit a higher-pressure zone near 1,842m with gas and some oil flaring, so the company will log the hole and set a liner before continuing. Another zone of interest is reported; the primary targets are still ahead.
5 Oct 2021drilling progress report▲ Good
Alameda-1 oil shows now run continuously for 670 metres, to 1,130m, including flows of oil into the wellbore; drilling is at 1,820m. Logging is needed to judge significance. Continues the 27 Sept shows; the deeper primary targets remain ahead.
30 Sept 2021annual report● Neutral
Unaudited preliminary results for the year to 30 June 2021: loss $2.16m (down 18.2%), revenue $1.10m, cash $10.7m. Melbana is using COVID relief to delay lodging audited accounts.
27 Sept 2021drilling progress report▲ GoodMajor
Alameda-1 found unexpected moveable light oil shows from 454m to 1,047m, a thickness of 547 metres, in shallow limestones above the planned targets. Significance is uncertain until logging; the main targets are still deeper.
21 Sept 2021drilling progress report● Neutral
Alameda-1 reached its first casing point at 457 metres without incident, with minor residual oil shows as seen in offset wells. First target is about 800 metres. Casing is being cemented.
16 Sept 2021investor presentation● Neutral
Investor webinar slides on the Cuba drilling. Company data shows 2,673m shares, 547m options, 1.9c last close, about $51m market cap, $10.7m cash at 30 June and no debt. Largely restates known facts.
14 Sept 2021other● Neutral
Lodges the required option distribution schedule and top-20 holder list. 546.7m MAYO options are held by 1,092 holders; the largest holder has 21.76%.
14 Sept 2021drilling spud▲ GoodMajor
Alameda-1 spudded on 13 September 2021, on the forecast date, starting the long-planned Block 9 Cuba campaign. The well will test three targets with 141 million barrels of best-estimate prospective resource (unrisked). Webinar set for 16 September.
14 Sept 2021listing compliance notice● Neutral
ASX lifted the suspension of the MAYO options on 14 September, the day after it was imposed. The notice covers only the quoted options and not Melbana's other securities.
13 Sept 2021listing compliance notice▼ Bad
ASX suspended the quoted options (MAYO) because Melbana had not lodged the distribution schedule and top-20 holders. Ordinary shares were unaffected.
7 Sept 2021drilling progress report▲ Good
Alameda-1 derrick raised and camp operational, with spud still expected on or about 13 September. The chairman says the raise leaves the company adequately funded for its Block 9 commitments.
