PESA QLD: AGM and Lunch, 16 May : A maiden contingent resource in Cuba for Melbana: the Amistad-1 success story

This month PESA Queensland welcomes Duncan Lockhart to present a technical luncheon on the exciting progress Melbana Energy have made in Cuba.

The Technical Lunch will be held at the Brisbane Hilton Hotel, in Room 83 (Level 8).

The Annual General Meeting (AGM) for the PESA QLD Branch will be hosted prior to the commencement of the Technical Lunch.

For detailed directions, see explanation below.

Please note the Early Bird ticket pricing cut-off times described below.

Presentation Abstract:

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 has been increased from 109 metres to 346 metres TVD – further increasing to 615 metres when the highly fractured limestones are incorporated (45% of the gross interval). 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.

• Unit 1A is currently under assessment with McDaniels.

Melbana is currently drilling Alameda-3, a well designed to test the deeper Alameda (N) and Marti (I) sheets. These hold even greater potential to flow lighter API than the shallow Amistad field.

Planning is currently well advanced to acquire a 400km2 3D seismic survey to cover the field and surrounding areas which demonstrate high prospectivity.

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 to be drilled by the end of 2024 with the aim of initiating international oil export from Cuba.

Tickets for the Technical Luncheon can be purchased below.

Please be advised of the early bird cut-off date.

Early bird pricing will remain available up until Monday, 6 May 11:30 PM  after which, standard pricing will come into effect.

Final numbers to venue required by Monday, 13 May 12:00 PM – To avoid disappointment please register before that date and time.

PESA QLD 2024 ANNUAL GENERAL MEETING

The Annual General Meeting (AGM) for the PESA QLD Branch will be hosted prior to the commencement of the Technical Lunch.

Members are encouraged to attend the AGM to have their say with the PESA QLD committee.

PESA QLD are always interested to have active involvement from our membership… and what better way than to take up a position on the PESA QLD Committee!  Interested members who are keen to become a committee member are encouraged to lodge a nomination form (see link below).  Any member is invited to nominate for any of the available roles detailed on the Nomination form.  Any questions, please email qld-secretary@pesa.com.au

Please find below the requisite AGM governance documents for distribution to members, provided at least 21 days ahead of the AGM as required by the PESA Constitution:

Agenda AGM 2024
Proxy Form
Minutes of 2023 AGM
Nomination form
2023 President’s Report

The venue location can be accessed by two means:

1) Entry from Queen Street Mall
Take the lifts to Level 6, and walk to the guest lifts located in the centre of the main atrium and take the lift to Level 8. Delegates will need to turn left out of the guest lifts and walk down the hallway to Room 83.

2) Entry from Elizabeth Street
Enter the foyer located on 190 Elizabeth Street, and take the lifts to Level 6 (Main Foyer). Walk to the guest lifts located in the centre of the main atrium and take the lift to Level 8. Delegates will need to turn left out of the guest lifts and walk down the hallway to Room 83.

Keep track of upcoming PESA QLD Events: Click here to view PESA QLD Events Calendar on the web Click here to subscribe to PESA QLD Events by adding it to your Google Calendar