Melbana Energy (ASX:MAY) has announced its quarterly activities for the period ended December 31, 2022, noting Exploration Well Zapato-1ST reached total depth, but the target formation wasn't reached.
Melbana Energy says the Well was suspended to allow time to incorporate well results into geological models.
It also says preparations have commenced for a two well appraisal well program designed to assess the oil quality and reservoir characteristics of the three formations containing moveable hydrocarbons encountered drilling Alameda-1.
Melbana Energy says it had $39.1M cash available at the end of the quarter, and also announced its new Chief Financial Officer, Uno Makotsvana.