Australia's Melbana Energy slips after SDN designation of Cuba partner by US
18/06/2026 02:26
BUZZ-Australia's Melbana Energy slips after SDN designation of Cuba partner by US ** Shares of Australia's Melbana Energy MAY.AX drop as much as 50% to A$0.003, their lowest level since early May 2020
** Company says on June 11, its contractual counterparty to a production sharing contract in Cuba, Union Cuba-Petroleo (CUPET), was designated by the U.S. Department of State as a Specially Designated National
** An SDN generally prohibits a U.S. entity from transacting with it
** Following CUPET's SDN designation, Melbana has suspended its direct participation in support of the production sharing contract, it said
** Neither Melbana nor its units have been designated as an SDN, it clarified
** Stock down 50%, YTD
(Reporting by Shruti Agarwal in Bengaluru)