Australia's Melbana Energy eyes worst day in nearly 12 years

Melbana Energy

18/06/2024 06:26

** Shares of Melbana Energy  MAY.AX  fall as much as 45.5%
to A$0.036, posting their biggest intraday percentage decline
since Nov. 28, 2012
    ** Stock hits its lowest level since Feb. 4, 2022
    ** Oil and gas explorer says drilling results at the
Almeida-3 appraisal well at Block 9 Production Sharing Contract
in Cuba "were not as expected"
    ** Says despite two attempts at flowing the well, and
complete removal of drilling mud, oil did not flow to the
surface
    ** About 63.7 mln shares change hands, compared with the
30-day average volume of around 6.1 mln
    ** Stock widens YTD losses to 41.3%, including session's
moves



 (Reporting by Aaditya Govind Rao in Bengaluru)
 ((Aaditya.govindrao@thomsonreuters.com;))