Melbana Updates Progress at Block 9

Australia’s ASX listed oil and gas company Melbana Energy Limited has released an update on the progress at Alameda 1, Block 9 contract area (“Block 9 PSC”) in Cuba. The Company is in preparation towards the drilling of its two high impact exploration wells onshore.

Melbana has a 30% interest in the 236 million barrels of Prospective Resource (Best Estimate)* being tested in its drilling program. Drilling at the Alameda-1 site will begin in September 2021.

The construction of the second well pad at Zapato-1 is expected to be completed soon before drilling is completed at Alameda 1.

Updates from Melbana:

• Equipment and inventory for the two well drilling program started to arrive in Cuba late last week. Customs clearance and transport of goods to storage facilities occurred quickly and without incident. Additional shipments are scheduled to arrive this week and then regularly going forward. All items are scheduled to arrive in Cuba by late August.
• Contracts signed for materials to be sourced locally (cement, fuel)
• Inspection of drilling rig scheduled to take place this month
• Construction of well pad for second exploration well (Zapato-1) planned to commence this month
• Mobilization instruction to contractors scheduled for August
• Drilling operations forecast to commence in September
• Block 9 drilling program is for the drilling of two exploration wells testing four separate targets. Total Prospective Resource 236 million barrels of oil (Best Estimate)* – Melbana’s interest 30%.

Melbana Energy’s Executive Chairman, Andrew Purcell, commented on the Company’s updates:

“Our preparations for the commencement of drilling operations have been progressing satisfactorily thanks to the tireless efforts of our project management team in managing the numerous daily issues always associated with a project of this sort (which have been exacerbated by the unusual circumstances the world currently finds itself in). With equipment and inventory now starting to arrive in Cuba activity levels are increasing ahead of the commencement of drilling operations which are forecast to commence in September.”