Melbana Energy, an oil and gas exploration company experienced a significant surge in shares, spiking as high as 15% to A$0.115.

This marks the largest intraday gain the company has seen since July 21.

Melbana Energy (ASX:MAY) has announced an adjustment to their estimates, now projecting a significantly higher net pay from a well situated in a Cuban oil field.

The company owns a 30% stake and operates Block 9 PSC onshore, a region on the north coast of Cuba within a known hydrocarbon system.

Notably, the company’s stock was among the top performers on the ASX All Ordinaries index.

Year-to-date, Melbana Energy (ASX:MAY) has experienced an uplift of 58.7% as of the last market close.

Melbana Energy is an Australian-based company specializing in oil and gas exploration.