Past year: ▼ 77%(0.30c – 1.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 Nov 2025drilling scheduled● Neutral
After Amistad-2, the rig is being moved to drill Amistad-11, an up-dip twin of Alameda-2 on Pad 1. Spud is targeted before end-November, subject to permits, with completion by year end. Amistad-3 is set aside while Amistad-2 data is studied.
5 Nov 2025drilling result▼ BadMajor
Amistad-2 in Cuba (30%) was drilled to 2,000 m and found 169 m of porous reservoir, but flow-testing recovered no oil, only water. Called disappointing and being plugged and abandoned. Amistad-11 may replace Amistad-3 as the next well.
10 Oct 2025resource reserve update▲ GoodMajor
AC/P70 (100%) prospective resources increased: gas from 2,754 to 2,857 Bcf and oil from 43 to 78 MMbbl (best estimates, unrisked), with Hadrosaurus lifted to prospect status. Contingent resource unchanged at 276 Bcf and 34 MMbbl. Farmout process targeted to close Q4 2025.
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.
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.
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.
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.
22 May 2024drilling progress report● Neutral
Alameda-3 logging in the Alameda reservoir was completed with good data, but a stuck setting tool delayed drilling; it was retrieved and the liner integrity confirmed. Drilling resumes shortly toward about 3,835mMD. Field development plan was presented to Sonangol and the regulator, targeting first Unit 1B oil sales by end-2024.
18 Apr 2024drilling progress report● Neutral
Alameda-3 reached the base of the Alameda reservoir at 3,645mMD, with elevated gas indicating hydrocarbons and two cores taken. Drilling was behind schedule, with a stuck tool and a pressure kick. Logging and a 7-inch liner come next, then the Marti reservoir.
25 Mar 2024resource reserve update▲ GoodMajor
McDaniel booked Melbana's first Contingent Resource in Block 9: 46 million barrels (100% basis) in Amistad Unit 1B's eastern area, plus 90 million barrels Prospective in the west. This compares with 30 million barrels Prospective for Units 1A and 1B combined before Alameda-2. Goal remains first export cargo before end-2024.
18 Dec 2023drilling spud▲ GoodMajor
Alameda-3 started drilling on 15 December 2023, planned to reach 3,835mMD in 95 days. It targets the Alameda and Marti reservoirs (179 MMbbl prospective). Unit 3 flow test is planned for late January, first deep flow test in March, and the certifier's Amistad resource report is targeted for February.
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.
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.
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.
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.
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.
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.
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.
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.
16 Feb 2023drilling scheduled▲ Good
Final drilling permit for Alameda-2 received. The rig is due to start mobilising in the third week of March 2023, and civil works at the pad are complete. Amistad is quoted at 1.9bn bbl in place and 88 MMbbl prospective. Reaching the objectives could support a maiden reserve.
24 Jan 2023drilling scheduled● Neutral
Melbana said preparations for Alameda-2, the first Block 9 appraisal well, were advanced, with mobilisation notices due in early March 2023. The well, planned to reach 1,960mMD, will flow-test the Amistad reservoir, assessed at 1.9 billion barrels in place and 109 million barrels Prospective Resource.
9 Dec 2022drilling scheduled▲ GoodMajor
Cuban regulator and partner Sonangol approved the 2023 program and budget, and material permits are in hand. Alameda-2 will test the Amistad zone to about 2,100mMD, estimated at 1.9bn bbl in place and 88 MMbbl prospective (best estimate), starting by March 2023.
15 Nov 2022drilling scheduled▲ GoodMajor
Two appraisal wells in Block 9 (Melbana 30%, operator) are set to start in Q1 2023, to test the three Alameda-1 reservoirs (6.4bn bbl in place, 362 MMbbl prospective), with extended production tests possible. Melbana says it is fully funded for its share.
27 Oct 2022drilling result▼ BadMajor
Zapato-1 reached its planned total depth of 3,152 mMD, still within the ophiolite, though velocity data indicated the original seismic reservoir target had been tested. The well will be suspended and the rig sent back to Alameda for appraisal.
17 Oct 2022drilling progress report● Neutral
Zapato-1 is at 2,880mMD, possibly just above the base of the ophiolite, now re-estimated near 3,000mMD with large uncertainty. Drilling continues, with a return to Alameda planned. Purcell says recent option conversions strengthened cash.
