Energy
Melbana Energy Limited (MAY)
Melbana Energy Limited is an independent oil and gas exploration company. Its primary focus is on high-impact exploration opportunities, most notably its onshore Block 9 production sharing contract in Cuba, where it has made multiple oil discoveries. The company also holds a significant exploration permit in Australia, WA-488-P, which contains the large Beehive prospect.
Market Cap
A$34M
Shares on Issue
N/A
Price Chart
AI Analysis
Melbana Energy's current position is defined by the appraisal of its oil discoveries in Block 9, Cuba. Following successful drilling at the Alameda and Zapato wells, the company's focus has shifted to flow testing to determine the commercial potential of these significant oil columns. As a micro-cap explorer with a market capitalisation of A$34M, the company's valuation is highly sensitive to news from these operations and its ability to fund its ongoing work programs, often through capital raisings or farm-out agreements.
The company's growth outlook is entirely contingent on converting its Cuban discoveries into commercially producing assets. Near-term catalysts include the results of the ongoing flow testing program and any subsequent resource or reserve upgrades. The strategic direction involves de-risking Block 9 to attract development partners or funding, while also seeking a farm-out partner for its large but high-risk Beehive prospect in Australia to fund future exploration drilling there.
Bull Case
- • Confirmation of commercial flow rates from the Alameda and Marti discoveries in Cuba could lead to a substantial re-rating of the company's value.
- • A successful farm-out agreement for the Beehive prospect in Australia could provide a non-dilutive funding source and validate the asset's potential.
- • The sheer scale of the oil columns discovered in Cuba suggests a potentially world-class resource, offering significant upside if commerciality is proven.
Bear Case
- • Geopolitical and sovereign risk associated with operating in Cuba could impact project development, financing, and future oil marketing.
- • Exploration and appraisal risk remains high; flow tests may yield sub-commercial results, rendering the discoveries uneconomic.
- • As a junior explorer, the company is reliant on external funding, posing significant dilution risk to existing shareholders to fund capital-intensive appraisal and development.
Recent Announcements
Quarterly Activities Report and Appendix 5B 31 December 2025
🚨 Price SensitiveMay'thy (ASX ticker) investors are advised to review the detailed quarterly activities report, including financial performance and strategic initiatives as of 31/12/2025.
Block 9 Activities
Distribution Schedule - Options
Top 20 Holders - Options
Application for quotation of securities - MAY
FAQs
What does MAY do?
Melbana Energy is an oil and gas exploration company focused on its significant onshore oil discoveries in Block 9, Cuba, and its large offshore Beehive prospect in Western Australia.
Is MAY a good investment?
MAY is a high-risk, high-reward speculative investment. The potential upside from a commercial discovery in Cuba is substantial, but this is balanced by significant geological, funding, and geopolitical risks. Its suitability depends entirely on an investor's tolerance for high-risk exploration ventures.
What drives MAY's share price?
The share price is primarily driven by drilling and flow testing results from its Cuban assets. Other key drivers include securing farm-out partners, capital raisings, oil price fluctuations, and news regarding Cuban-US relations.
Key Metrics
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