LA Private

Stocks of the Hour: Melbana Energy, Azure Minerals, Empire Energy

Melbana Energy (ASX:MAY) announced that the planned Total Depth of the Alameda-2 well has been reached ahead of schedule. Executive Chairman, Andrew Purcell, commented: “Excellent quality logs have been obtained over the entire Amistad interval – a great improvement on last time when logs could not be obtained over some of the most productive units.” Shares are trading 10 per cent higher at 11 cents.

Azure Minerals (ASX:AZS) announced that 209m high-grade lithium intersection at their Andover Lithium Project. In response, Managing Director Tony Rovira said, “Encouragingly, the results suggest the mineralisation remains open along strike and to depth.” Shares are trading 19.35 per cent higher at $2.59.

Empire Energy (ASX:EEG) have provided shareholders with an update on the 100% owned EP187 located in the Beetaloo Basin of Northern Territory. Following a planned 5 month shut in period, the Carpentaria 3H well has been reopened for extended production testing. Testing may take up to 90 days and will provide the company with important data that will allow them to examine the benefits of “soaking” the well. The Extended Production Test will also provide the industry standard “IP30” or 30 Day Initial Production data – which will assist in delineating well production profiles for the Carpentaria Pilot Project. The Pilot Project is targeting Final Investment Decision (FID) later this year. Shares are trading 3.33 per cent lower at 14.5 cents.