Resource upgrades During the reporting period the Company made significant announcements pertaining to the three oil-bearing formations encountered by the Alameda-1 exploration well in its Block 9 PSC onshore Cuba. The combined resource estimate for these three formations was independently assessed5 to contain 5.0 billion barrels of oil in place for a Prospective Resource1 of 267 million barrels of oil (Best Estimate, 100% basis). There were no other significant changes in the state of affairs of the Consolidated Entity during the financial year. Matters subsequent to the end of the financial year On 4 July 2023 the Company announced it had identified a carbonate buildup, named the Hudson Prospect, within its permit areas NT/P87 and WA-544-P. The Company’s maiden prospective resource estimates for this prospect are shown in Table 2. A farmout process was also commenced to seek a partner to fund the acquisition of a 3D seismic survey to further derisk the exploration opportunity. Table 2 – Maiden Resource Estimates for the Hudson Prospect GROSS PROSPECTIVE RESOURCES1 COS P90 P50 Mean P10 Oil Only (mmbbl) STOOIP 9 371 1,573 4,845 Recoverable 12% 2 90 395 1,184 Gas Only (BCF) GIIF 16 700 3,070 10,097 Recoverable 12% 11 466 2,034 6,741 On 5 July 2023 the Company announced the first results from its Alameda-2 appraisal well in its Block 9 PSC onshore Cuba. Unit 1A of the Amistad interval demonstrated recovery at surface of about 40 barrels of moveable hydrocarbons from a productive interval of 63 metres measured depth. API was 11.7° and viscosity was 3,783 cP. On 14 July 2023 the Company announced that the Alameda-2 appraisal well had reached total depth for Unit 1B, with strong oil and gas shows between 700 and 1,110 metres measured depth with a core taken and preparations underway to wireline log the unit. On 4 August 2023, the Company announced that the Alameda-2 appraisal well had reached total depth ahead of schedule and that logged Net Pay for Units 1A, 1B and 2 had been increased from 84 metres previously to 243 metres (using conservative cutoffs and without allowing for the highly fractured limestones identified there. On 15 August 2023, the Company announced that the Alameda-2 appraisal well had confirmed moveable oil in Unit 3 of the Amistad interval, about 500 metres to the south and 200 metres updip from where Alameda-1 penetrated the same unit. The quality of the oil was like that which had been recovered from Unit 1A and it demonstrated the potential to flow at about 750 barrels per day. No formation water was observed. Incorporating the logged Net Pay for Unit 3 increased the total Net Pay for the Amistad interval to 346 metres total vertical depth (increasing to 615 metres total vertical depth if natural fracturing is incorporated). On 28 August 2023, the Company announced significantly lighter (19° API) and lower viscosity (30 cP) oil had flowed to surface from Unit 1B of the Amistad interval at a stabilised rate of 1,235 barrels of oil per day (peaking at 1,903 barrels of oil per day. No formation water was observed, either during the flow test or from logs, and 1,000 barrels of oil had been trucked away to storage. On 20 September 2023, the Company announced that the Alameda-3 appraisal well is to commence in November 2023, prior to which it was planned to commence early production from Unit 1B in Alameda-2. No other matter or circumstance have arisen since 30 June 2023 that has significantly affected, or may significantly affect the Consolidated Entity’s operations, the results of those operations, or the Consolidated Entity’s state of affairs in future financial years. Directors’ Report continued 5 Independent certifier McDaniel and Associates, see ASX announcement dated 1 August 2022 18 Melbana Energy Limited Annual Report 2023
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