PESA ACT/NSW October Technical Lunch

PESA NSW September Technical Meeting

Melbana in Cuba: the Amistad-1 success story

Melbana Energy drilled the Alameda-1 discovery well in onshore Cuba in 2021.  By 2022 the discovery was independently certified by McDaniel (A Canadian based Reserves Certifier with extensive experience in Cuba) to contain over 5 billion barrels of oil in place (best estimate) and 267 million barrels of recoverable oil (best estimate).

In 2023 Melbana followed up the Alameda-1 well with the successful Amistad-1 appraisal well which was designed to test the uppermost sheet of reservoirs in the Alameda field (Unit 1A, 1B, 2 and 3).

• Unit 1A recovered 11.7° API oil with 3,783 cP viscosity at surface from a 63 metre MD interval starting from 445 metres MD. Although flow rates at surface were not established 40 barrels of oil flowed unassisted to surface (through a 32/64” choke), exceeding expectations.
• Unit 3 intercepted 200 metres updip and 500 metres to the south of the Alameda-1 intercept and confirmed moveable oil of a similar quality to Unit 1A. Testing indicated the potential to flow at ~750 bopd. The Unit 2 DST did not demonstrate moveable hydrocarbons to surface at the location tested.
• Unit 1B recovered 19.4° API oil with 5.7 cP viscosity at surface from a 70 metre TVD perforated section – less than 20% of the total Net Pay for Unit 1B (when incorporating fractures). Stabilised unassisted flow rate to surface of 1,235 bopd measured over 12 hours on a 36/64” choke, peaking at 1,903 bopd.

Logged Net Pay for the entire Amistad Formation is 346 metres TVD using 9% porosity, 50% Sw and 40% VSh cutoffs this  net pay increases to 615 metres when the highly fractured limestones are incorporated (45% of the gross interval). Flow from the fractured interval has been proven by acquisition of production logs validating the incorporation of fractures into the net pay equation.

Unit 1B has now been completed for future production, whilst Units 1A and 3 have been suspended for potential future development and production.

In March 2024 McDaniel provided a resource update on the Unit 1B;

• 46 MMbbls (P50) Contingent Resources – Development Pending in the eastern section of the greater Alameda field in the vicinity of the existing wells.
• 90 MMbbls (P50) Prospective Resources of assigned in the western part of the field to reflect the uncertainty associated with being away from the existing wells. However, McDaniels assigned a 70% chance of discovery to the prospective resource reflecting the low- risk nature of this area (given it is updip from the existing discoveries within the field). The risk associated with this area is based on reservoir deliverability.

A preliminary field development plan is being developed for exploitation of Unit1B and an additional two wells focussing purely on production from Unit1B are being planned with the aim of initiating international oil export from Cuba.