Cuba - Block 9 PSC (Melbana 30%)
• Drilling of the first (Alameda-1) of two exploration wells commenced on 13 September
• The well has not yet reached its primary objectives but has already encountered oil shows over a 670 metre interval in the Upper Sheet, with log interpretation indicating multiple oil and gas pay zones totalling at least 48m of net pay.
• Three targets with a combined Prospective Resource of 143 MMBBLS (Best Estimate)1 to be tested, each of which have previously recovered hydrocarbons and the best of which is independently assessed to have a 32% chance of success
• Second well (Zapato-1) will immediately follow Alameda-1 and is forecast to take about 55 days. Single target near to the shallower Motembo oil field (which has historically produced a high-quality light oil). Prospective Resource 95 MMBBLS (Best Estimate)
• The two well drilling program is testing four separate prospects with a total Prospective Resource of 236 million barrels of oil (Best Estimate)
• Only one possible incident of COVID-19 on site and no other reportable HSE events
• NOPTA approved an application by Melbana for a 20 month suspension and corresponding extension of permit term for WA 488-P (Melbana 100%), satisfying one of the conditions precedent for the sale of WA-488-P
• Mr. Theo Renard appointed Chief Financial Officer and Company Secretary
• MNSA Pty Ltd appointed as Melbana’s auditor
• $7,128,773 (gross) raised from shareholders via a non-renounceable entitlement offer
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