Latest Melbana Energy (ASX:MAY) News

Small-cap shares delivered the week’s biggest moves, led by Mamba’s exploration funding and Cettire’s rebound. Clinical failures, cash shortages and delayed projects kept the broader market cautious.

Small-cap materials shares produced wide gains and losses as fresh discoveries competed with funding warnings and delayed mine starts.
Rare earths, lithium, gold and copper projects added scale, but approvals, cash and construction remain the key tests.

Melbana Energy’s Block 9 project remains on care and maintenance after a partner default and US sanctions on CUPET, despite improved geological understanding from Amistad-2. The company ended FY2026 with $472,504 in cash and warned that additional funding is required to continue.

Melbana Energy halts direct involvement in its Cuban Block 9 project following US sanctions on CUPET, its contractual counterparty, while it seeks legal clarity on the complex regulatory landscape.

Melbana Energy is poised to resume 100% ownership of its Cuban Block 9 after its partner Sonangol defaulted on US$23.5 million in cash calls. Fresh seismic data and well results have refined reservoir understanding, derisking future drilling plans.

Melbana Energy Limited’s March quarter report details modest crude production from the Alameda-2 well in Cuba and ongoing preparations for the Amistad-11 drilling, which remains on hold due to a joint partner’s funding default. The company holds $2 million in cash and continues to process seismic data to refine its subsurface models.

Melbana Energy’s Q4 2025 report reveals a complex quarter with drilling setbacks in Cuba due to partner payment issues, alongside significant resource upgrades offshore Australia.

Melbana Energy has postponed drilling the Amistad-11 well in Cuba after joint venture partner Sonangol failed to meet payment obligations, triggering a formal Notice of Default.

Melbana Energy has confirmed that its Executive Chairman, Andrew Purcell, is exempt from re-election under ASX Listing Rule 14.4, following a detailed response to ASX's compliance query.

Melbana Energy has begun mobilisation for drilling the Amistad-11 well in Cuba’s Block 9, aiming to restore and improve production after formation damage impacted a key well.

Melbana Energy’s latest drilling at Amistad-2 in Cuba reveals excellent reservoir quality but disappointingly no oil production, prompting a strategic pivot in exploration plans.

Melbana Energy continues steady oil production in Cuba with new drilling underway, while securing critical permit variations in Australia that extend exploration timelines and reduce seismic obligations.