Melbana Energy (ASX:MAY) has reported significant progress in its oil exploration and production activities for the quarter ending 30 September 2024, with the company’s flagship Block 9 project in Cuba moving closer to production. The Block 9 PSC, in which Melbana holds a 30% participating interest and operates, is gearing up for the export of its first cargo of oil by the end of 2024. The project has advanced with the formal approval of the initial development of Unit 1B, while construction of the first well pad has also been approved.
Melbana’s engineering and commercial teams are finalising export logistics, which include transporting oil via truck to the Matanzas Supertanker port, where storage facilities have been secured. The company expects production to hit approximately 5,000 barrels of oil per day in the initial phase, with further drilling planned to fully exploit the Amistad Unit 1B reservoir.
"We are on track for our first oil export from Cuba, which is a major milestone for Melbana," said Executive Chairman Andrew Purcell. "Our focus is now on optimising our logistics and marketing to ensure smooth deliveries to international buyers."
