Melbana Energy, one of the few Western companies with an established footprint in Cuba, said its best estimate of reserves there improved more than 10 percent.

The company, which has headquarters in Australia, said an independent assessment found the best estimate for oil in place for the Block 9 prospect on the northern coast of Cuba was 15.7 billion barrels of oil, a 24 percent increase from the previous estimate. The forecast for recoverable prospective reserves increased 13 percent to 718 million barrels.

Melbana declared Tuesday that Block 9, where it's gearing up for a pioneering program, is relatively under-explored and has a substantial opportunity for growth.

"This report demonstrates the tremendous opportunity for Melbana to make a significant discovery in Cuba," CEO Robert Zammit said in a statement. "We continue to focus on progressing our drilling readiness and the farmout of this premium acreage and look forward to updating shareholders of our progress as our commercial discussions progress."

The Cuban Ministry of Science and Technology gave Melbana the environmental license for planned activities at its Alameda-1 exploration well on the north shore of Cuba in April.

The company estimates it would cost at least $20 million to drill two wells in Cuba, higher than previous estimates. A share placement this year generated about $2.1 million in capital to use to fund operations in Cuba, as well as those closer to home at its Beehive prospect in New Zealand.

An agreement with Petro Australis Ltd. fell apart last year because of the lack of approval from regulatory authorities, leaving it with a 100 percent stake in Cuban operations and without a partner that would carry 40 percent of the drilling costs.

Related Links
All About Oil and Gas News at OilGasDaily.com

Tweet

Thanks for being here; We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor $5 Billed Once credit card or paypal		SpaceDaily Monthly Supporter $5 Billed Monthly paypal only

Venezuela's Maduro, still standing after 'assassination' attempt
Caracas (AFP) Aug 5, 2018
A year ago, few could see crisis-beset Venezuelan President Nicolas Maduro being re-elected for a second term. But still, he clings to power, and, denouncing an "assassination" attempt Saturday, insisted he is "more determined than ever". "I am fine, I am alive, and after this attack I'm more determined than ever to follow the path of the revolution," said the 55-year-old following an alleged attack with an explosive-laden drone as he gave a speech at a Caracas military parade. He was unharmed, ... read more