Melbana Energy Reports 626 Barrels from Alameda-2 as Amistad-11 Drilling Awaits Funding

Alameda-2 Production and Well Status

During the quarter ended 31 March 2026, Melbana Energy Limited (ASX:MAY) reported that its Alameda-2 well in Cuba’s Block 9 PSC produced a total of 626 barrels of crude oil while shut-in and bleeding pressure. The well was briefly opened in January and March to relieve pressure but remained shut-in for most of the period as the company prepared to drill a twin well, Amistad-11. At quarter end, crude inventory stood at 37,314 barrels. The natural flow to surface without assistance suggests the reservoir is recharging, a positive sign given previous formation damage issues that affected Alameda-2’s production performance.

Amistad-11 Drilling Delayed by Partner Funding Default

Melbana’s plans to commence drilling the Amistad-11 well, designed as a twin to Alameda-2 with an improved drilling trajectory and completion strategy, remain on hold pending receipt of funding from its joint operating partner. The partner, Sonangol, was in default as of the end of the quarter, with no payments received despite a reissued Notice of Default resetting the cure period to early April 2026. The drilling equipment and contractors are ready, but the rescheduled spud date depends on Sonangol’s compliance. This funding impasse continues to affect Melbana’s operational timeline, echoing earlier delays documented in the company’s partner default and drilling delays and Amistad-11 drilling deferred reports.

Seismic Data Processing and Future Exploration Plans

Melbana completed processing of low-cost 2D seismic data acquired near the Amistad-2 well, which has enhanced the subsurface geological model, particularly in the shallow sections down to approximately 2,000 metres. The company plans to acquire 3D seismic data later in 2026 using wireless nodes, a method expected to be cost-effective and efficient. This 3D seismic acquisition aims to provide higher resolution imaging to better inform well positioning and reservoir characterisation. Additionally, LIDAR data collected last year continues to support planning and interpretation efforts.

Financial Position and Corporate Updates

Melbana reported a cash balance of $1.98 million at the end of March 2026, down from $4.38 million in the previous quarter, reflecting ongoing operational expenditures. The company has listed options to purchase shares at $0.02 under the ticker MAYAO. Payments to related parties, including directors’ fees, totalled $111,000 during the quarter. No lost time incidents were recorded, indicating stable health and safety performance.

Operational and Legal Considerations

Laboratory analysis of oil and formation samples from Amistad-2 continues to investigate the reasons behind lower-than-expected flow rates despite indications of oil presence from electric logs. The company’s joint operating agreement with Sonangol includes provisions for default and cure periods, which have been invoked due to Sonangol’s non-payment. The outcome of this default and its resolution remain critical to Melbana’s drilling schedule and operational progress in Cuba.