Melbana Energy Limited · ASX:MAY
Melbana Energy — Shareholder Meeting (November 2024)
33 slides from Melbana Energy's shareholder meeting presentation, Nov 19, 2024
Slide 1: 2024 AGM Chairman's address and the Company's presentation
19 November 2024 ASX Announcement (ASX: MAY) 2024 AGM Chairman’s address and the Company’s presentation In accordance with ASX Listing rule 3.13.3, Melbana Energy Limited (MAY) attaches the Chairman’s address and the Company’s presentation to be delivered at the Annual General Meeting (AGM) today in
Slide 2: Chairman's address - Andrew Purcell
Chairman’s address - Andrew Purcell Ladies and Gentlemen, good morning and welcome the Annual General Meeting of Melbana Energy Limited. My name is Andrew Purcell and I am the Executive Chairman and the Chairman of today's Meeting. There are a number of items on the Agenda for this year’s AGM, which
Slide 3: Chairman's address (continued)
Significantly, Melbana was one of only a handful of companies to be offered new acreage for the first time in several years. Finally, I commend our team for their excellent technical work and diligent efforts towards the realisation of our goals. It has been a challenging year, but a significant rew
Slide 4: Melbana Energy Limited Annual General Meeting
Melbana Energy Limited ASX Code : MAY Annual General Meeting Tuesday, 19 November 2024 10:30am (AEDT)
Slide 5: Disclaimer
Disclaimer Summary of information: This presentation contains general and background information about Melbana will form the basis of any contract or commitment. This presentation is not a prospectus. Offers of securities in Energy’s activities current as at the date of the presentation and should n
Slide 6: Company's Presentation
Company’s Presentation 1. Corporate, finances & the year in review 2. Operations update ‣ Cuba ‣ Australia 3. HSE & community activities 4. Summary 7
Slide 7: Corporate
é Melbana Energy Corporate
Slide 8: Corporate snapshot: an experienced team with a proven track record
Corporate snapshot: an experienced team with a proven track record As of 30 September 2024 Company Information Andrew Purcell Michael Sandy Peter Stickland Uno Makotsvana Chris McKeown Executive Chairman Non-Executive Director Technical Director CFO & Co Secretary CCO Objective Melbana Energy Limite
Slide 9: FY2024 progress since previous period
FY2024 progress since previous period Cuba ‣ Alameda-2 Amistad Unit 1B reservoir well test produced at sustained rate of 1,235 bopd prior to shut-in, post shut-in flow rate reduced to 300 bopd. ‣ Alameda-3 drilled; studies post well-test nearing completion; results suggest near well bore damage prev
Slide 10: More to come
More to come Next six months ‣ Transition from explorer to producer. ‣ Close of non-dilutive financing facility for Block 9. ‣ Alameda-2 workover complete and left online as first producing well. ‣ Oil transport and storage options finalised and first oil export achieved. ‣ Additional development we
Slide 11: Government approval received to update Block holding structure
Government approval received to update Block 9 holding structure Oil trading and funding ‣ 100% Melbana owned, Spanish subsidiary: MAY ENERGIA ESPAÑA SL (Melbana Spain). ‣ Structure aids fundability of Block 9 development. ‣ Subsidiary will market and sell Block 9 oil production. ‣ Melbana Spain par
Slide 12: Operations
é Melbana Energy Operations
Slide 13: Our projects
Our projects Australia ‣ WA-544-P & NT/P87 Cuba ‣ AC/P70 ‣ WA-552-P ‣ WA-488-P (contingent cash/royalty interest) Cuba ‣ Block 9 14
Slide 14: FY2024 report card: appraisal drilling
FY2024 report card: appraisal drilling Maiden Contingent Resource of 46mmbbl achieved and 38% increase in Amistad Prospective Resources Results Production Resources ALAMEDA-2 • Reached TD • Unit 1B • Unit 1B1,2 • No complications • Peak flow of 1900 bbl/d • Contingent Resource 46 mmbbl3 • 19° API re
Slide 15: Resources Update
Maiden Contingent Resource and updated Prospective Resource for Unit 1B and Unit 1A reservoirs Resources Update Unit 1B in the eastern part of the Alameda structure ‣ Contingent Resource (Development Pending) . Unit 1B in the western part of the PSC ‣ Prospective Resource (Chance of Discovery of 70%
Slide 16: Review of Alameda-3
Review of Alameda-3 WHAT HAPPENED? ‣ Side track required 2908mMD due to hole stability issues. ‣ Tool stuck in hole caused delays, reached total depth. ‣ High quality logs and cores acquired in both reservoirs. ‣ Well logs showed good permeability and flow potential. ‣ Alameda and Marti reservoirs t
Slide 17: Probable cause of unsuccessful wells tests in Alameda-3
Probable cause of unsuccessful wells tests in Alameda-3 Possible causes ‣ Small Compartment Unlikely doesn’t support majority of findings (e.g. logs and FMI), would need to be extremely small compartment ‣ Oil Properties / bitumen blockage Unlikely can explain only some observations ‣ Reservoir perm
Slide 18: Ongoing and future studies
Ongoing and future studies ‣ Fluid-rock & fluid / fluid combability tests performed. ‣“Varadero-blend” of solvent and acid defined. ‣ Acid solubility tests of Unit-1B core samples completed. ‣ Routine Core Analyses (RCA) completed for Alameda-2 samples. ‣ Alameda-3 petrophysical properties similar t
Slide 19: Field Development
é Melbana Energy Field Development
Slide 20: FY2024 Report card: field development preparations
FY2024 Report card: field development preparations • Storage tank allocated to Melbana • Permission to export 100% of oil • Offtake/financing progressing • Fast oil shipping options explored • Joint oil marketing agreed • Partnered with Sonangol (70%) • Permitting for drill pads on track • Melbana S
Slide 21: Next two wells to be focused on maximising Unit-1B intersection
Next two wells to be focused on maximising Unit-1B intersection ‣ Amistad-2 is immediately up-dip from Alameda-2 (Amistad-1) 22
Slide 22: Amistad Unit-1B field development program
Amistad Unit-1B field development program SHORT TERM PRODUCTION PROGRAM ‣ Recommence production from Unit 1B. ‣ Export of first oil to test logistics, storage and commercial arrangements. ‣ Progressively construct offset well pads. ‣ Starting drilling new Unit 1B production wells. GOALS OF PHASED DE
Slide 23: Alameda-2 workover
Alameda-2 workover ‣ Key steps: ‣ Pull completion. ‣ Add and re-perforate. ‣ Perform solvent-acid pre-wash. ‣ Perform 15% HCl acid squeeze/soak. ‣ Re-complete. ‣ Clean-up and commence production. ‣ Chemicals and equipment procured and on way. 24
Slide 24: Crude oil trucking
Crude oil trucking ‣ Finalising agreement to truck crude. ‣ Turnkey trucking service. ‣ Trucks, Tankers, safety equipment, certified drivers, maintenance and operations management included. ‣ 5 trucks and tankers now in country. ‣ Minor modifications to tankers in progress. 25
Slide 25: Fast first shipment investigations
Fast first shipment investigations ‣ Melbana investigating “Fast First Shipment” solution. ‣ One concept includes following: ‣ Truck Block 9 oil to Cardenas Bay. ‣ Unload trucks at: ‣ Varadero Battery, or ‣ Barge loading location in Cardenas Bay (TBC). ‣ Barge oil from Cardenas Bay: ‣ To Matanzas Ba
Slide 26: 3D seismic planning
3D seismic planning ‣ Optimal placement of future development wells will benefit from improved 3D seismic data. ‣ Render process requires a visit of survey area by multiple tenderers to ensure accurate pricing. ‣ Upcoming scout survey trip to define mangrove areas, forestry, cropping, populated area
Slide 27: Our Australian projects
6 Melbana Eneray Our Australian projects
Slide 28: Australia optionality
Australia optionality WA-488-P WA-544-P & NT/P87 AC/P70 Beehive Prospect Hudson opportunity ‣ Up to ‣ Melbana retains 100% of 1.4 billion barrels adjacent Beehive- lookalike (Hudson of oil prospect* Prospect) with up to to be drilled in 2024/2025 ** 1.2 billion barrels ‣ Melbana retains contingent r
Slide 29: Health Safety Environment & Community
Health Safety Environment & Community 30
Slide 30: Community connections and local support
Melbana community connections long lived Knowledge and local support Supply of goods ‣ Topographic surveys of roads for ‣ Focus on local hiring, goods and maps for municipality. services, e.g., installation of ‣ Investment in natural channels / fences, control of bee populations and supply of food f
Slide 31: Alameda-2 HSE summary
Alameda-2 HSE summary ‣ No LTI. ‣ 1 environmental recordable Item Unit Weekly Total Item Unit Weekly Total Safety Induction No. Person 9 61 Man hours (Melbana) Hrs 2,856 17,700 incident (oil spillage <20 Job Safety Analysis (JSA) No. 16 132 Man hours (Sherritt) Hrs 4,728 31,692 litres). ‣ Timely dis
Slide 32: Summary
Summary ‣Melbana is making the transition from explorer to producer. ‣Alameda-2 proved project in the Upper reservoir. ‣Workover to increase production rates imminent. ‣Offtake/financing discussions progressing. ‣Field development plan complete: More production wells to be drilled in 2025. ‣Explorat
Slide 33: Meeting Closure
Meeting Closure Thank you for your attendance. Melbana Energy Limited ABN 43 066 447 952 Mezzanine Floor, 388 George Street Sydney NSW 2000 AUSTRALIA Contact Telephone: +61 (2) 8323 6600 Email: admin@melbana.com