Melbana Energy Ltd (ASX: MAY) has provided the market an update on its Cuba Block 9 Beehive prospect in WA-488-P offshore in north west Australia.
Independent expert McDaniel & Associates (Canada), who has significant Cuban experience certifying reserves for TSX listed Sherritt, has completed its independent assessment of prospective resources in Block 9 and for Beehive.
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 M barrels of oil from the four targeted objectives contained within Melbana’s preferred initial two well programme of Alameda and Zapato.
The assessment also confirmed the “giant potential” of Beehive, with best estimate prospective resources of 388 M barrels of oil equivalent with a significant improvement in chance-of-success to 20% (from 16%).
Melbana is also a 30% partner in the currently closed Puka production field in the onshore Taranaki with operator TAG Oil which has the nearby Cheal production field. The Puka field may be re-opened following the partnership’s successful Pukatea-1 exploration well earlier this year.