Melbana Energy (ASX:MAY) announced financial results for the quarter ended 30 September 2022.

Independent resource estimates for Alameda and Marti Reservoirs: 6.4 billion barrels of oil in place and 362 million barrels of Prospective Resource.

Drilling to test the Zapato structure, which may be the possible source of oil for the Motembo oil field (that historically produced a very light oil; 50 ? 64.5? API).

Oil seen on shakers while still in ophiolite overburden.

Sidetrack initiated at 1,698 metres after drill string became stuck in ophiolite overburden.

Drilling through thick ophiolite had reached a depth of 2,880 mMD and was drilling ahead as at 17 Oct 2022, subsequent to end of the reporting period.

Prospective Resource of Zapato prospect independently estimated to be 114 million barrels on a gross unrisked mean basis.

Melbana hosted Sonangol, its 70% partner in Block 9 PSC, in Melbourne during August where planning for the future appraisal and development of Block 9 generally was advanced.

Planning progressing for a return to Alameda to commence appraisal operations, subject to the results of Zapato-1ST.

Issued options expired 10 September 2022, delivering $18.9 million the Company.

$45.5 million cash available at the end of the quarter.

Following the announcement the company?s share price fell 5.952%.