The content has been shared, if you want to share this content with other users click here.
Press release from Melbana Energy
Melbana Energy Limited (ASX: MAY) ("Melbana" or "the Company") is pleased to provide the following update on the resource assessment for Cuba Block 9 (Melbana 100% and operator) and Beehive Prospect located offshore Australia in WA-488-P (Melbana 100%1 and operator).
Independent expert McDaniel & Associates (Canada), who have significant Cuban experience certifying reserves for TSX listed Sherritt have completed their independent assessment of prospective resources in Block 9 and the Beehive Prospect in Australia.
For Block 9, the assessment identifies an increase in best estimate Oil in Place of 24% to more than 15.7 billion barrels and an increase of recoverable Prospective Resources of 13% to 718 million barrels of oil equivalent from three prospects and 16 leads. The assessment includes a 17% increase in the aggregate of best estimate prospective resources to 236 million barrels of oil from the four targeted objectives contained within Melbana's preferred initial two well program of Alameda and Zapato.
The assessment also confirmed the giant potential of the Beehive Prospect, with best estimate Prospective Resources of 388 million barrels of oil equivalent with a significant improvement in Chance of Success to 20% (from 16%).
The full release is available here