Highlights

  • Melbana’s 2026 project programme focused on progressing its Block 9 appraisal discoveries in Cuba.
  • Block 9 includes the Alameda-2 and Alameda-3 appraisal wells and associated production planning.
  • The company also identified Australia’s Beehive prospect as part of its offshore opportunity set.
  • Commercialisation work at Block 9 includes evaluating crude transport, export logistics and potential partners.

For Melbana Energy Limited (ASX:MAY), the 2026 programme linked Cuban oil appraisal with the practical challenge of arranging a route to market. Block 9 remained central to the company’s portfolio, while its Australian exploration interests provided a distinct potential future drilling pathway.

Block 9 Remains the Operational Centre

The Block 9 production-sharing contract covers approximately 2,344 square kilometres onshore in northern Cuba. Melbana has operated the project alongside partner Sonangol, following exploration and appraisal at Alameda. The company describes its development planning as incorporating lessons from the Alameda-2 and Alameda-3 wells, including Well Completion and reservoir-contact considerations. It has identified additional production locations, but drilling, testing and commercial output must be differentiated.

Workovers and Well Design Shape the Programme

At Alameda-2, the company evaluated a workover programme intended to address near-wellbore formation effects and recover stronger well performance. Proposed activities included additional perforations and treatment of the producing formation. Such work is a planned operating intervention, and earlier test rates should not be interpreted as ongoing 2026 production. The company also worked on well designs for future development locations in the wider contract area.

Commercial Routes and Australian Exploration

Melbana’s commercial teams assessed trucking oil to the Matanzas port facilities and arrangements for storage, export and sales. Those processes depend on logistics, contracting and partner arrangements. In Australia, the company continues to identify Beehive and other offshore prospects in its opportunity portfolio. Their exploration status differs from the appraised Cuban oil discoveries; neither project should be described as having achieved an unannounced production or development milestone.

Outlook: Next Milestones

The stated near-term emphasis is on Block 9 well planning, commercial arrangements and funding or partner discussions, with offshore Australian opportunities subject to their own programme decisions.

MAY shares were priced at AUD 0.003 on 6 November 2026, with a reported session change of 0.00%. Market Capitalisation stood at approximately AUD 11.35 million; the reported trading Volume was 2,232,049 shares.