Highlights
• Independent evaluation by McDaniel and Associates of Alameda-2 appraisal well results
from Unit 1B in the Amistad structure in Block 9, onshore Cuba (Melbana 30%) concluded.
Maiden Contingent Resources confirmed along with upgrade to Prospective Resources.
• Higher confidence and significantly material Contingent Resources of 46 million barrels plus
90 million barrels of Prospective Resources in Unit 1B compares to 30 million barrels of
Prospective Resources1 only previously estimated by McDaniel for Unit 1A and Unit 1B
combined prior to the results of the Alameda-2 appraisal well being incorporated.
• In other Block 9 activity, the Alameda-3 appraisal well (appraising the two deeper oil-bearing
structures underneath Amistad (called Alameda and Marti) has reached 3120 metres MD and
is drilling ahead to the first core point in the Alameda Structure planned at 3211 metres MD.
Melbana Energy’s Executive Chairman, Andrew Purcell, commented: “This review by McDaniel and
Associates lends increased confidence there are 46 million barrels of recoverable higher quality oil in just this
one productive Unit 1B (one of four) of this shallowest oil-bearing structure (one of three) from our first
discoveries in a ~2,500km2 onshore block where we have identified 19 additional leads. An initial field
development plan for this relatively shallow/higher quality Unit 1B oil is now being finalised for partner and
regulatory approvals with the goal remaining to export the first cargo before the end of 2024.”
* Contingent and Prospective Resources Cautionary Statement - The estimated quantities of petroleum that
may potentially be recovered by the application of a future development project(s) related to discovered and
undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of
development. Future exploration appraisal and evaluation is required to determine the existence of a significant
quantity of potentially moveable hydrocarbons. All quoted volumes have been taken from independent expert
McDaniel & Associates Competent Persons Report dated 20 March 2024. Melbana is not aware of any new
information or data that materially affects the information included in that announcement and that all the
material assumptions and technical parameters underpinning the estimates in the announcement continue to
apply and have not materially changed.
Melbana Energy Limited (Melbana) is pleased to report the following results of the
independent assessment done by McDaniel & Associates (McDaniel) of Unit 1B in Block 9 PSC
onshore Cuba (Melbana 30%) - one of four oil bearing units (collectively referred to as Amistad)
encountered in the Upper Sheet whilst drilling the Alameda-2 appraisal well – and provide an update
on the Alameda-3 appraisal well.
Melbana asked McDaniel to prioritise its assessment of Unit 1B given it had the highest quality oil
that flowed unassisted to surface and is the target for the first stage of Melbana’s field development
plan for Block 9.
The drilling of the Alameda-2 appraisal well in 2023 provided valuable data that has enhanced our
understanding of the resource potential of Block 9.
Subsurface analysis of data obtained, including well logs, FMI logs, DST, extended production tests
and core and fluid analyses have been integrated with the re-interpretation of existing data.
The work has focussed on Unit 1B of the Amistad structure, which is heavily fractured, porous and
oil filled - as evidenced by core samples (see Figures 1 and 2).
McDaniel have further differentiated the Unit 1B resource categories into Contingent and Prospective
Resource categories for eastern and western portions of the Alameda structure. The resource
category allocations have been derived from McDaniel’s confidence level of the data close to the
Alameda-2 well bore (the eastern portion close to the well bore has a higher confidence and has a
categorisation of Contingent Resource (Development Pending) and an associated 80% Chance of
Development). The western portion remains a Prospective Resource (but with a Chance of
Discovery of 70%) that could be similarly derisked by drilling an additional appraisal well in that area.
See Appendix A for summaries of McDaniel’s assessment of Unit 1B.
McDaniel are now finalising their work on Unit 1A, the shallowest unit of the Amistad structure.
Progress of Alameda-3 Appraisal Well
Total section depth was called at ~2860 metres MD and the section successfully logged. The 9-5/8”
casing was then run and cemented in place in the top seal of the Alameda Structure. The 13-5/8”
10k PSI BOP was then installed and tested before drilling out the casing shoe.
Drilling ahead continues in 8-1/2” hole and is currently at 3120 metres MD enroute to the first coring
point planned for 3211 metres MD, after which drilling ahead will continue to the final planned casing
point in the seal above the Marti Structure, planned for ~3586 metres MD.
