Melbana Energy Limited (MAY.AX) Earnings Call Transcript & Summary

Okay. Good morning, everyone. Welcome to today's webinar. My name is Sam Jacobs from Six Degrees Investor Relations. I'll be hosting today's presentation from Melbana Energy, Exec Chairman, Andrew Purcell, who will be joined today by the company's Chief Operating Officer, Mr. Chris Thompson. Today's presentation will provide an update on project development at the Block 9 PSC area onshore Cuba, following the commencement of drilling in the Alameda-3 appraisal well, which was announced to the ASX this past Monday, December 18. So as usual, after the presentation, we'll commence a Q&A, which will comprise both RIN submissions and the live questions segment. [Operator Instructions] Attendees of previous Melbana webinars this year will be familiar with the live Q&A format, and it remains a priority of the Melbana management team to facilitate that direct engagement with shareholders. So obviously, we want to conduct it in a cordial and timely manner, just keep that in mind once you've been selected there. A copy of the webinar will be available as usual at Melbana's website and social media platforms later today, and you can download a copy of that most recent announcement by navigating to the handout panel in the control panel. But for now, I'll throw things over to Andrew and Chris. Gentlemen, the floor is yours.

Thanks for the introduction. And I would like to say the opportunity is not the most timely one, a couple of days before the Christmas weekend. So thank you all for attending. Just come back from Cuba. We've seen things ahead of start drilling operations. I wanted to get an opportunity for you to also meet Chris, who's joined us as COO to help us get this project into development next year. And the concept for this presentation is always is a simple quick couple of slides, but the main purpose is to answer all the questions that we receive all the time from our engaged shareholder base, which we thank before very much. So starting on the summary page, we between ourselves, have done a lot of work on where we want to get to by when, which we'll develop a little bit as we talk in this presentation. As we said at the AGM, the ambition that we have is to become a $1 billion company within the next 3 years. I think that's very achievable, given the size of the resource that we have and the support we have from our partners and regulators in Cuba. We remain well funded through this appraisal program. And the results of Alameda-2 have given us an upper sheet project with great confidence, that we're working on putting together the studies, development and permitting to get that going at a real rate of production that as an economic difference for us as quickly as possible. We're now pleased to have started the Alameda-3 well. These are different opportunities, all in the same footprint, long term and probably keener observer of shareholders of a more reason to know that these are 3 vertically stacked reservoirs of significant each 1 of them, and they're geologically independent. So this appraisal well is getting into the bottom, which we think is going to be a really exciting opportunity. You got the top one. We've really got a project here and we're working hard to develop that 1 in the first instance. We won't focus so much on Australia in this presentation, but we've got a lot going on there and starting to see a bit of a break in the Logjam, offshore Australia and the regulatory environment here. We'll hope to see [indiscernible] drill sooner rather than later now. But that's in the back pocket for other work that is not the immediate focus for you or for us at the moment. A page forward. I'd just summarize that diagram on the right, just to set the context for what we're doing now. If your eyes are better than mine, you can see a dotted yellow line which we call the Alameda-3 well, that's going to that Alameda and to that Marti ships. They're the objectives, the primary executives of this well. So we kicked off, we're drilling. We're getting down nice and purply, as Chris will show you in a moment, but the results from the top sheet that's summarized on the left what we know so far, we will give you an update through the Q&A and cover in this presentation where we are in its interpretation. So Page 4, please. Probably a good time to let Chris get first turn back. Over to you mate, give us a summary as to what the program is and how things are going, please.

Thanks, Andrew. The prgoram is going very well. As we know, with the original Alameda-1 well, which drove down to these deeper sheets. There were some issues with that being an exploration well. It was -- there were some unknowns in terms of pressure. And so what we've done is in the preparation for this well is [indiscernible] all that heavy-duty equipment that you see there on the right-hand side, so there's a GBP 10,000 [indiscernible], which we had to have manufacturing specifically to be able to safely drill this well to TD down there at about a bit over 3,800 meters. So we are ready to go or have been ready to go and started on 15th at 6 a.m. Cuba time, and to date, the rig has been making really fantastic progress. And as you can see on the time and depth chart, [indiscernible] there is a slightly brighter green line to the left-hand side of the dashed green line on that time and depth chart. And that's where we are at as of today. And so we're down and we're currently opening the whole day and we're almost down at our section TD of 425 meters. So once we get to that point, we'll be setting casing and continuing to drill on before next point, and we will run through that in a little bit more slowly. What we saw in the prior wells was really excellent drilling performance and we have maintained a realistic time curve or range of time and depth curves for the budgeting of the well. But at the present, we're outperforming, which is great news.

We did at the previous one, came in inside the [indiscernible] exceeded our best expectations because...

We were drilling into something we knew was there this time, and we designed for it, and we hope to see that again here. In terms of objectives, our objective will be a test of this unit 3. And so we are expecting to be doing that test. Sometime around the January is where we're currently looking. And then moving on from there, we'll be cutting some calls on the way down. But then our second set of [indiscernible] will take place and so we'll be looking at [indiscernible] late March, but it's more likely into April when we should be expecting to be conducting DST 2 and 3 for those deeper sections.

But lots of [indiscernible] in the way down to report those of you who witnessed drilling these 2 deeper reservoirs last time that there was lots of interesting oil influxes and flows as we go through these reservoirs [indiscernible] happen immediately after we do the 3 open hole test in January -- in late January or February, that will be full open stack [indiscernible] coming through.

So if we move forward on to the next slide, please. So what we'll be doing here is, as I mentioned, we'll be drilling into the unit 3 and just into the top of it and sitting out [indiscernible] 3 cases that isolate those shallow sections [indiscernible] continue on and 1 more [indiscernible]. And then we will drill about 100 meters into unit 3 [indiscernible] run our outset strict and we'll set it a backout and we will [indiscernible] DST of that unit 3. So this is an important 1 because in the original Alameda-1, well, we were unable to test this section. So it will be great if that confirmation and it will allow us to have another discovery tests and to be able to pull more of that resource as [indiscernible] contingent resource in the near term. So if we continue on -- so we'll then continue drilling our 12-1/4 inch hole down through [indiscernible] top of the Alameda reservoir at which point [indiscernible] set at 9-5/8 inch casing and we will cement that in place. So that cut that section, yes, and we continue [indiscernible] drill ahead in [indiscernible] section through the Alameda reservoir, right through to the base of that and into the [indiscernible] lower before conducting our logging, et cetera, of the Alameda section. And then if we continue on, we'll be running 7 inch line at that point. And we've got the ability to run up to 3 different tests following the running of [indiscernible]. So we're giving ourselves the ability to isolate different sections of the world and test independently if that's required. And if we continue [indiscernible] we'll then drill out into the Marti section. And once we've done that, we will run our DS2. So, DS2, we're going to be setting a 4.5-inch solid lineup within that might be reservoir. And if we continue on, we'll run that test through that sort of [indiscernible] that will be a bit earliest, late March, but more likely, we expect that into April. And then once we've run our test, we [indiscernible] we'll set a removable bridge clock, which will allow us to isolate that deeper section. We progress on and run our next [indiscernible] perforate the resonant sections. And we will have to think [indiscernible] do this selectively. If that's desirable when that really is going to be dependent on the ones that we run what we set. And so once we then continue on, we'll be in a position to look at which of the business [indiscernible] exceptions and completing all or a selected set of those zones for production.

We'll have a second completion well at the end of this, with the Alameda-2, there will be 2 completion wells if all goes according to expectations, that are online, ready for production at the end of this [indiscernible].

And we will have that initial production data as well, which will help us to understand just what the performance is going to look like, we can then make decisions on things such as artificial [indiscernible] is that something that we're going to need? Is there a section? And we'll be in a position to design the most appropriate system for that potential eventuality. So moving forward, the team has been working really at great pace, incorporating on vast amounts of data, which have come out from these wells and the data programs that they've generated, there's continued analysis, which is ongoing and continue to generate more input into our geological and engineering models, which we're using to look at things like our resource reviews as well as our development plans, our preliminary development plans. So a very significant amount of work. We've obviously, we've been working with [indiscernible] concept is starting to get the cover of their report. Started working with [indiscernible] and they've been very cooperative in working with us and helping to find that the best route to market for the crew. And as Andrew mentioned, we are confident we've got a project here in the [indiscernible]. We're looking at the development context in respect to our [indiscernible] this Amistad section. And we're always looking to do the [indiscernible] period is it will continue our prices throughout the year. And at that point, we'll also start to move into the near-term development. And the way that we'll do that is we'll look at relatively low-risk step-out wells that are providing us also with as much early information as possible so we're right sizing the facilities as we move forward. But we're doing that in a stepwise fashion. And so we go to continue on. So what we're looking at is in a fairly modest sense getting up within a relatively short period of time into the 15-plus [indiscernible] just from the upper section and really focusing in on the 1B. And of course, there is the 1A as well, which we're not forgetting about, but at present with [indiscernible] So that's what we're working towards.

It's a very modest development plan at this stage regardless of the results of Alameda-3. It's just 1B, it's just this other sheet. It's a shallow step-out program that organically funds itself from production and have to still achieve that level of production in a very short time.

That's absolutely right. And if we progress forward here. So 1 of the other key things that we've been working on is looking at benchmarking the crew. So we've done some additional [indiscernible] as more would expect, and we've got samples out of heading our country for [indiscernible] analysis as well externally, and we confirm that in the 1B, we have that [indiscernible] approved. And we are seeing a sulfur content of about 2.6%, which is still significantly lower than the majority of the other given groups. And if we look to regional benchmarks, we see that it's not too dissimilar to [indiscernible] Colombia, [indiscernible] from Venezuela, and there are numerous others that are fairly similar in quality, and that give us, it would probably a WTI minus 5%, approximately. But obviously, we will be looking to get a better price possible for that crew in export. And I think that is something that we're working towards and all parties are in agreement that that's the direction that we should be heading. It is a high-quality crude, and it's seen that's the most appropriate place to sell. So when I was in Cuba back in October, it does seem like it was that long ago now, but I guess, a couple of months, spent some time stepping out in the field and looking at various different pieces of infrastructure. As I said, [indiscernible] have been equipped to work with there, trying to assist us to make sure that we're making most of existing infrastructure before we have the need to construct anything else further. And at the AGM, I think you would have seen various other options that we were still [indiscernible] being north of the field and potentially taking our [indiscernible]. But as we've continued to make pretty rapid progress on financing, we're starting to do our facility scoping steady.. And what we're seeing is -- in the year is now we'll be tracking the crew. We take tracking that crew up to the [indiscernible] following the blue line there, which is the road and [indiscernible] with that for a triple period of time, and we will be generating capital from the operations before we need to be thinking about increasing the capacity. And once we start to get to some of the significant [indiscernible], we absolutely will be wanting to be [indiscernible] and so we're looking [indiscernible] potential locations as well that would be suitable to [indiscernible] production facility, which you can see there [indiscernible] but the plan will be to take [indiscernible] tank battery, and we will be [indiscernible]. We just continue on. So Matanzas Supertanker Port, it's an existing deepwater facility. There are 4 JVs, if you like, that accommodate different size of -- very different sizes of vessels, [indiscernible] taking up to a supertanker. And so that's what we'll be looking to. I am hoping [indiscernible] you're going to be looking [indiscernible] I think we are. It might not be in China, not in the next 6 months, but in time [indiscernible] to go. I'm looking forward to going to visit Matanzas and hope to do that early in the new year.

Great. Thank you very much. That's a brief context setting. I think the purpose of -- the context was to throw over the questions to give you all a little bit more detail that you drill into the topics that mean most to you. So over to you, Sam.

Yes. Thanks, Andrew and Chris, for that presentation. I might just kick things off with a written question just in connection specifically with Alameda-3 operations. Factoring in the higher API in crude exploration is generally considered more valuable. Is it expected? Do you think that the lower sheets will have a higher API content due to condition changes, for example, increases in temperature and a reduced presence of bacteria?

That's the working thesis. That's what we're about to find out for sure.

Yes. Duly noted. Also on Alameda-3, will artificial lift systems be employed for the appraisal test if required?

Not for the appraisal test. We had plenty of energetic oil influence to [indiscernible] came to surface in [indiscernible] last time, depending on those results from the appraisal test. Maybe in time, we'll use some artificial list. But at this time, let's wait and see what the appraisal will deliver.

Sure thing. I would just throw it over to the floor now. Our attendee [ David Coghill ] has their hand raised. [Operator Instructions]

Thanks Chris, Andrew. A quick question about the Alameda production facility that you referred to. What exactly is that? And why is it not closer to the well site?

It's on the Western boundary -- it's on the western boundary of the Alameda field because we have some new pads being permitted up to the west of our existing pads. There are 3 more pads we're currently permitting and then there's another 1 just northwest of each. So that's a selected spot just to the west of where all the pads eventually will be that we will use as a collation of transport and delivery point.

If I can just jump in there as well. So 1 of the things that often happens particularly with big fields is that an initial facility will be putting close to those discovery wells. And that's handy for that initial discovery. But as the field continues to grow, and we know that this is a very large field and it is likely to grow, we want to make sure that, that production facility is [indiscernible] development wells because [indiscernible] down the track. So we're just trying to plan that into the development.

Right. Just a quick follow-on to that then. Is there any gas handling facilities proposed in that IPF?

So what we look to do is take solution gas and we'll be using that as part of our fuel, [indiscernible] demand so that we can reduce any other losses due to [indiscernible]. We would need to be generating [indiscernible] to make sure that we're quite [indiscernible] power. And so [indiscernible] at present that we will likely not have very large amounts of gaps, and there will be solution gaps rather than free gaps.

So yes, just moving through -- continuing with our written questions submissions and again, through our attendees. [Operator Instructions] Yes, Andrew and Chris, turning back to our written questions and perhaps looking at the Block 9 project more generally. One question that was submitted was what were the production results from the second 1B production testing [indiscernible] that took place?

Well, we announced all of the results of the production test and the extended early production test previously. Roughly half inch [indiscernible] it ran sustainably at 1,200 barrels a day from that unit 1B. And what happens in the other units were reported in terms of displacement in unit 3 and the coverage surface to [indiscernible] That's all being studied just a moment by our reservoir engineers and by our geoscientists, doing the [indiscernible] volume estimates and the resource categorization upgrades, all of that's coming together nicely and going off to independent certifiers at the moment. We'll have announcements on all of these results and all of our upgraded subsets interpretations of production, reservoir, volumes, or get in trouble if I say [indiscernible] will be, so I'm going to say in February.

And another question looking at the Block 9 project more broadly, another investor asked, why hasn't the project been confirmed as a commercial discovery and who would be responsible for that declaration?

Well, these studies that I just referred to that we completed internally that we're just getting independently certified. That [indiscernible] as Chris said, we're going to do an open hole flow test in unit 3 on the way through with this current well. That will give us more data, that will inform the resource categorization for [indiscernible]. And then all of that together on a stand-alone basis, could inform a commercial decision. But then we're so close to having the results from these 2 deeper ones as well. These 2 deeper reservoirs that a commercial decision would be far better informed by knowing of their properties are too before we make that final commitment to a field development program with the regulator.

But we absolutely have a discovery, and we are confident that we absolutely have a project that needs to be developed in the upper sheets as we said.

Last question on that project more broadly, just operationally, 1 investor asked, is there any update on the likelihood of operating additional drill rigs?

We're working on -- that's part of Chris's job with the field development program. So there's a number of lines of inquiry that are actively being run down there.

Noted. Another question came through just looking at Melbana's sort of operations more broadly, including the [indiscernible] project in Australia. And that question was, will the cash flow from Block 9 potentially to be put into these other developments or maybe more likely return to shareholders perhaps through dividends over the course of the next year or 2?

Let me add [indiscernible] in Australia is funded. That's a U.S. major [indiscernible] property, it's paying for the well. It's doing all the field development. If it's successful, we just get a rule. So there's no need for us to put another penny into it. The other projects we're pursuing in Australia, we've mostly done the work we're going to do there, and we're filling the map, like we did with [indiscernible]. So somebody else comes in spends all the money. There's no cross subsidization, funding between Cuba and Australia, we keep them very separate. To answer the other limb of the question with regards to -- I think it was distributions to shareholders, that's the point. That's the point of becoming a commercial operator. I mean, initially, we find oil, we produce oil, we made money and you want to get that return into the hands of shareholders as fast as possible, particularly because we've got, I think, $160 million or $170 million of tax losses on our balance sheet. So that will make these distributions in the hands of our shareholders, very tax efficient. So we're keen to get to that point as quickly as possible.

Interesting. Thank you. Yes, just turning back to the floor now, attendee [indiscernible] has got their hand raised.

Congrats on the progress to date. I'm going to go to a another well [indiscernible]. It's a unfinished business, I think, from everyone's point of view. And what are your plans to complete that across 2024?

[indiscernible] the back of our mind, we finished the study on it recently by doing a reassessment of the gravity and the magnetics and what it concluded is that we were probably still a couple of hundred meters from the target formation. So that's still an element that's sitting out there, but it just doesn't stack up [indiscernible] now as attractively as getting production online. So [indiscernible] when Chris has got an extra rig up his sleeve, and we can go back there and try and bring on another field. But for now, my focus and direction to the company is put all of our resources in the short term and to getting as much production online as quickly as possible.

Yes, just turning to another 1 of our written submissions this time from 1 of the attendees listening attendee, Frank Cunningham. This question is, again, slightly more broader turning to kind of macro focus. But Frank wrote the work and focus around Alameda and Amistad is commendable. How complex do you think is work with regulators in order to export and realize best pricing?

We have all the permitting we need to export that. We don't need anything more. What we do need is to solve the logistics, which is [indiscernible] what he's working on with his engineering team that he's putting together, and that's not complicated because it's just up the road. And as you mentioned, there's a deepwater port. It's a lot simpler building something on an island near the coast next to a deepwater oil terminal, which you don't get given very often in the world of resource development. The pricing side of things, which is the other limb of your question, that's the game. What sort of competitive tension can we drive? What are the market dynamics? Good quality crew, and it's proximate to a lot of refineries that want this sort of crew. So that's -- we've got people working on that, too, and discussions going on with our Chief Commercial Officer, who's not available to be with us today, unfortunately, that something he's working on. So we're enjoying the various work strengths of bringing all this together to a point to a real project.

Thanks, Andrew. Next written question from 1 of our attendees this time from attendee, Greg [indiscernible]. Greg asked, in your report on Monday on 18th of December in that ASX announcement, the company said the depth of the well would be around 40 meters true vertical depths above the high-pressure zones seen in Alameda-1. Greg asked why is that?

I have my answer. Do you want to give your answer?

Well, it's [indiscernible] control. I mean, we want to make sure that we're able to effectively test the well, and we want to make sure that we don't compromise the objectives and [indiscernible] point and we've met the objectives of the world, then that's what we need to do. We need to focus on what we plan to do and execute to that. [indiscernible] doesn't matter the columns so big.

Thanks, Andrew and Chris. Yes, another written question from the floor. This 1 from Alex [indiscernible]. The question was, you have the [indiscernible] data and drilling mud logging data from Alameda-1 in Marti and Alameda zones. Can you talk about what range of flow rates you're expecting from tests in these units?

Okay. We're looking forward to knowing that ourselves, but it's not far away now.

Yes. Duly noted. This time, another user has just put their hand up. So we'll see if we can bring Andrew Scott online. Andrew, we've just sent you, your prompts.

Okay. Could we just roll back a couple of pages to the chart you've got of the drills for 1B where you've got the program rolling them out for the next few years. And yet the production profile, the amount that's produced seems to flatten out. So are you building into that an assumption that these early drill rigs start to deplete in terms of what they can produce? And that's why you're stepping out that it doesn't recharge. Why isn't the additional wells keep on producing more and more oil, it seemed to have flatten out?

So the underlying assumption [indiscernible] that the wells does deplete. I think [indiscernible]. But there's also -- we have also built into here some assumptions around sets in the infrastructure. So the point in which we can fully utilize that capacity in these large developments, it's very difficult to always align both the infrastructure piece and the downhole drilling piece, because you always ever have too much facility for your well capacity or too much well capacity for your facilities. And until you get to that maximum capacity and where we [indiscernible] we've got a bit more information is a position where we've been trying to optimize that development scenario. We may keep more of a traditional platform that you would want to be setting out of the development. This is just 1 of the very early scenarios that we had put together just to try and look as if we just organically drop and what [indiscernible] in the next 3 years.

Okay. So it may not be the oil, it may be the infrastructure.

And the capital we deploy. This plan here just goes out a few years, let's draw these many wells. What does that look like? That conceptual development with that very limited investment that can self fund itself to that point, produces 15,000 barrels of oil by 2026, just keep pumping along and adding to it without any complexity and if this was all the project was, that's great. But no, that's not the ambition.

Just turning back now to another written question from the floor. [indiscernible], asked another operations question on turning back to Alameda-3. The wells plan of drill stem tests expected in the [indiscernible], asks will this require an extended test or can the data required be accumulated in a short space of time like a day or 2?

Not in a day or 2, Lawrence. I think the way the production results come in, will inform what we do, but the drilling plan as a testing plan in there that you run, you shut in for double the period that you run so that the reservoir recharge [indiscernible] things from the volume, [indiscernible] from that recharge. I shouldn't be talking about this next year. What you add to Lawrence's question in a more technical matter.

So the way we do the pressure of production testing is that we'll produce for a short period of time, we'll clean up that new [indiscernible] area of any [indiscernible], will then have another shut-in period. So the reservoir can recharge. We'll then open up for the main slow period. And the point of that is trying to get as consistent a flow as we can for a fixed period of time, will be shut in again and what is the pressure build out. And so we watch pressure come down, we'll watch the pressure go back up. And we can analyze that data to do a transient analysis of the pressure. So trying to understand better the reservoir properties. So things like [indiscernible], inside the volume at the well [indiscernible] during that short period of time, as well as the reservoir pressure size. So it's really critical to get a good early reservoir pressure because that helps us longer term with things [indiscernible] material balance and confirming the overall full size that we're draining with that particular well or that particular [indiscernible]. So that's the sort of thing that we're trying to do. And it is always fairly limited whilst you're drilling, and it needs to be, because if you [indiscernible], then the condition of the [indiscernible] can start to deteriorate. And so that's the other consideration that we've taken into account when we're looking at designing the [indiscernible] itself. We want to get a long [indiscernible] drilling. You have your spread rate [indiscernible] as well. It's much more expensive to be testing while you have [indiscernible] upside. That's why we will then also look at what we need to do in subsequent [indiscernible] for any [indiscernible] testing or ongoing production after the [indiscernible].

Thank you, gentlemen. Another question. We've had a few questions come in around your development partners, [indiscernible]. This question sort of combines, I think, queries from a few different investors. But can we talk about has there been any feedback at this stage from Sonangol representatives about their thoughts for commercialization development or just feedback on the project to date?

Absolutely. There are 17% partner, we're the operator. We support the ideas. They come back with their comments and that's part of what was last week in Cuba for me and then with the regulators putting forward the plans for next year. They are very [indiscernible] having the depth of talent on that bench inside that organization that we can receive input from once we put up an idea, it gets owned and [indiscernible].

Noted. Thanks, Andrew. I think, yes, so that's -- we've worked through quite a few questions, which I think has given Andrew and Chris a good opportunity to sort of cover off some broad aspects of the project. We might sort of move towards the close now, but we've just got 1 more request from the floor attendee, Peter Summer.

Just a quick question. Would DST results be announced after each basically test has been conducted to the market of the first, second and third test [indiscernible] results, obviously, at the conclusion of each test that -- will there be an announcement?

Yes. I think so. We'll be announcing things as they are material for our shareholders to know in the market. And we look forward to doing so.

Okay. And just another quick question. Chris mentioned that for now, you're happy tracking the oil from [indiscernible] in the immediate future, I suspect it's a couple of years. What would happen if both Alameda and Marti buyer of -- obviously, there's no other option but to look at the pipeline? And the resulting question from that is, have you had any cost idea on -- to run a pipeline to the battery -- to the tank battery?

Well, I've had the benefit of for a number of years, chairing an engineering company in Australia as well as built a number of high-pressure cross-country gas pipelines in this country. [indiscernible] handle on what that costs in Australia. That's part of Chris' [indiscernible] he's bought an engineering team that he's put together under him that are on to this task now to put more meat on the bones of that back of the envelope assessment we've done thus far. As you say, we're planning for the best. It's not just a 5,000 barrel a day opportunity here. That's just where we can get to next year. We're going to assume that these other reservoirs that we're about to appraise are going to be viable, and we're planning accordingly for that, in which case, we need infrastructure like pipelines. But there is 1 to the West, not too far. And as Chris said, so it's not like having to build it from Kalgoorlie [indiscernible] Port Eden.

Just turning to -- there's a couple more questions from the floor. There are a few questions submitted on the written side, just on the corporate front for Andrew and Chris. So we might add a couple of them in 1 written question just on the corporate side. Are there any new institutions on the share register. And also just a query, can we get the top 20 published monthly on the website as Melbana used to do?

[indiscernible] within those, because they all tend to trade through nominee accounts and they same nominee represents many in stores and in so -- if they are, they're not -- they're small. I think a lot of people are watching us and looking at the results that are about to be announced. But we get a lot of attention as has been evidenced by the number of instigations of new research reports from a couple of institutions. So we're very happy to welcome their attention. Lawrence, he asked the question recently. Thank you for your work on the research. And what was the second part of the question was about the top 20. I'll have the office look at doing that again. It's a full time and effort and everybody is busy, and we prioritized work streams or I'll see the -- so we can automate that some out for you.

Sure. Thanks, Andrew. I might just turn back to 1 more question from the floor. Attendee, [indiscernible] Ellis, has their hand raised.

Thanks for taking the time to do this. My question was more around like the longer-term strategy. I know you've spoken about it, Andrew, after sort of 2026 getting up to that sort of 15,000 barrels per day, and then we'll see how we go with these deeper sections. Your strategy in Australia has been more about doing that initial leg work and then basically selling off and taking a commission. This project -- it seems like the way you guys are talking is that you want to be the long-term operator there. Is there any thought that you may take a similar approach to those projects you have in Australia where you sell off your interest and just retain a royalty and that type of thing?

Nothing is off the table, Paul. We appointed Chris [indiscernible], who is not here, the Chief Commercial Officer. That's his work streams. He's engaged some advisers and investment banks, who are running processes for us on this project as other ones are running for us on Australia. I will look forward to an interesting initial interest [indiscernible] at the end of the day, what's the best outcome for our shareholders. Well, the best deal we can drive is to have people build this thing and start earning money whilst all of those negotiations take place in parallel. And let's see where we get to and what's best for our shareholders if somebody says [indiscernible] project, we want to come in and take it from here and they can build it far faster than we can with a bigger balance sheet and just believe us with a small interest but a big royalty, that's nice. In the meantime, we just [indiscernible] building the project to make that as expensive as possible for them to come in.

Just again, looking across questions, there's a few questions that are sort of geared around planning out that time line of announcements into the first half of next year. So 1 slightly more specific question on that front from Andrew [indiscernible]. Andrew, looking at the Amistad [indiscernible] production timetable from the presentation. There's 2 wells in 2024. What month do you think they're likely to spud [indiscernible] booked and contracted for these wells, [ Andreas ]?

The 2 wells for 2024 are the 2 new wells after this completion of this well, which is the second well, which we have to be a second production well. So that's just showing 2 wells for next year, the second half of next year. And those studies and agreements are being done at the market. So we don't have specifics. We're just working on the permitting and the locations and the optimizations of the locations for those production wells.

And another attendee [indiscernible] just had a follow-up that he submitted in writing. Yes, can we just talk about the market communication plan for the next 3 or 4 months? And what stages do you expect to be communicating with the market on that time frame? I think that's probably a useful way to round out the questions.

Well, there's a lot of these coming over the next -- over that time frame as alluded to late February, we're going to have open all flow tests from Unit-3 in the upper section. In February, we're going to have the announcements for the revised volume estimates for the upper sheet as well as the reservoir properties as well as we hope, the upgrade in confidence in the resource categorization for the Amistad sheet. During February, we're going to be seeing results from drilling through the Alameda section in terms of the oil [indiscernible] the world war again and information that we kind of reported to the market as we do that going in March will be the same thing, up for the market formation. Following March, we started all the float test down in Marti. So that information on the DSPs after which, we're back up to the Alameda. So getting into April, May, we'll have flow tests from that formation. And then we finished the well in June and together all the results that we have, and we'll be announcing field development plans sometime in that second quarter as to what we're doing next over what time frame. So it's a busy year ahead, quite in addition to this well that we have now started. So we look forward to keeping you all informed doing forums like this as and when the team is appropriate and encourage you to contact us at any time with questions here so many of you do, so we can help better inform the market based on your questions.

Yes. Thanks, Andrew. It's really a useful way to wrap things up. So I think we'll conclude today's webinar there. Thanks again to Andrew and Chris for your time and to all our attendees as usual. There's another round of good engagement from the floor. So thank you to those attendees who submitted questions in writing, and on the [indiscernible] panel. There were sort of a lot of questions across the board. So our apologies there, we didn't manage to get to everyone, but I think we covered off on a broad range of sort of operational and broader market questions. And so yes, it's all part of the process. As Andrew said, where Melbana looks to maintain a well engaged dialogue with the shareholder base. As mentioned earlier, we've put a recording of the webinar up on Melbana's website and relevant social media platforms later today. Andrew or Chris, just before we wrap up, is there any sort of final comment that you do want to add?

Have a good day everyone. [indiscernible].

Yes. Seasons greetings to all. That's probably a good way to go out. So thanks, again, gentlemen. I think that wraps things up. Thanks again to all attendees. We'll see you in 2024.