Media ReleasesMelbana Energy

View All Melbana Energy News


Melbana Energy - Quarterly Activities Summary & 5B to 30 June 2021


Cuba - Block 9 Drilling Program

• Drilling operations forecast to commence in early September 2021.
• Construction of well pad and access roads for first exploration well completed.
• Orders placed for manufacture and supply of drilling inventory and equipment. Goods arriving in Cuba subsequent to the end of the quarter.
• Melbana’s project management team for the upcoming two well drilling program arrived in Cuba.

Australia

• WA-488-P (the permit containing the Beehive prospect) was sold to a subsidiary of EOG Resources, Inc. (NYSE: EOG). EOG intends to drill an exploration well targeting the Beehive Prospect following receipt of regulatory approvals.
• Melbana to receive an upfront payment of US$7.5 million as consideration, subject to receipt of regulatory approvals for the sale. It may also receive a further payment of US$5 million, subject to satisfaction of certain conditions subsequent, and a royalty payment of US$10 million for every 25 million barrels of oil produced in the event of a successful exploration well.
• Payment of $397,000 received from sale of AC/P50 to Santos and SapuraOMV and is also entitled to future royalty payments in the success case. Exploration well planned for 2022.
• Option granted to Santos and SapuraOMV over AC/P51 which, if exercised, would result in Melbana receiving similar payments and contingent royalties as for the sale of AC/P50.

Corporate

• Appointment of Chief Financial Officer and Company Secretary.
• Cash balance of $10.7 million at end of quarter

For more information, download the attached PDF.

Download this document

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.