Melbana Energy Limited
Winchester Energy Limited
(ASX: MAY)
(ASX: WEL)
Melbana Energy’s most recent quarterly report made for exhaustive reading as the company advances projects in Australia and Cuba. Domestically, at the 100 per cent-owned Beehive prospect in the northwest of Australia, Melbana waited on Santos and Total for a decision to exercise their option to drill the Beehive-1 well. Santos completed an initial well concept select workshop and identified a provisional well design and progressed drafting of an Environmental Plan, which is targeted for completion by 3Q 2019. On the Block 9 project in Cuba, Melbana progressed discussions with CubaPetroleo regarding proposed modifications to the current work program timing and the requirement to provide a bank guarantee. A response is expected in the quarter ending 30 September 2019. Still in Cuba at the Santa Cruz Incremental Oil Recovery project, Melbana’s geoscience team continued technical work on opportunities identified for pursuit in the Santa Cruz IOR area. An approval process for the Incremental Oil Recovery PSC, which was agreed between Melbana and CubaPetroleo in late 2018, identified issues requiring further commercial clarification. Negotiation of these matters has commenced. Back on home soil at the Tassie Shoal Projects, the Tassie Shoal LNG project is a shallow water platform fixed to seabed design, low-cost development option for LNG production. The Tassie Shoal Methanol Project, with its ability to receive and process raw gas with a 30 per cent CO2 content, is an alternative development path. As it signed off the quarter, Melbana announced CEO Robert Zammit parted ways with the company, resulting in independent non-executive director Michael Sandy assuming interim executive responsibilities. Melbana also signalled its intention to make a takeover offer for Metgasco Limited (ASX: MEL)..
Winchester Energy is an Australian ASX-listed energy company that operates out of thewell-known oil region of Houston, Texas. Winchester Energy is focused exclusively on oil exploration, development and production in the Permian Basin of Texas where it has established initial oil production on its large 17,000 net acres leasehold position on the eastern shelf of the Permian Basin, the largest oil producing basin in the USA. Winchester’s lease position is situated between proven oil fields where the company has identified several prospects across its leasehold and is currently undertaking development drilling at the newly discovered Mustang Oil Field where the recently drilled its highly successful White Hat 20#3 that since has yielded initial production (IP) of 306 barrels of oil per day (bopd). A recent placement raised $2.5 million, enabling further development drilling activities at the Mustang Oil Field within the company’s Permian Basin leasehold position. “Recently drilled discovery well White Hat 20#3 at the Mustang Oil Field has already provided the Company with enhanced revenue in a short period,” Winchester Energy managing director Neville Henry said. “The next Mustang well will spud…and the company will also immediately commence completion activities at the recently drilled Arledge 16#2 well at the Lightning prospect which recorded a highly encouraging 45 feet of calculated net oil pay in the Cisco Sands.” Initial log calculations confirmed 20 feet of calculated net pay in the Lower Cisco Sand. Winchester will evaluate the interval, bottom up using conventional completion technology. Depending upon results from the Lower Cisco Sand test, the Upper Cisco Sand will be assessed to determine potential of this zone for recompletion and potential production comingling with the Lower Cisco Sands.
EMAIL admin@melbana.com WEB www.melbana.com
EMAIL admin@winchesterenergyltd.com WEB www.winchesterenergyltd.com
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