MELBANA TO ACCELERATE DRILLING CAMPAIGN IN BLOCK 9 ONSHORE CUBA

Melbana Energy based in Melbourne, Australia, provided the following update on its 100% owned onshore Cuba Block 9 Production Sharing Contract (Block 9 PSC). The Cuban national oil company, Union Cuba Petroleo (CUPET), has approved an amendment to the Block 9 PSC exploration work program, deferring the obligation to undertake a 200km 2D seismic survey in the second exploration sub-period starting November 2017 to the third sub-period starting November 2019 and accelerating the obligation to drill an exploration well from the third sub-period to the second exploration sub-period. The amendment was requested by the Company due to it being able to define a number of high quality drill targets from the data it received and further studies undertaken during the first sub-period. The amendment aligns the work program with Melbana’s goal of drilling up to two exploration wells in Block 9, the first of which is expected to spud in the first half of 2018. The highest priority prospects, Alameda and Zapato, are targeting 130 and 71 million barrels of recoverable oil respectively on a 100% unrisked , best estimate basis
The Block 9 Production Sharing Contract covers 2,380km2 onshore on the north coast of Cuba, 140 km east of Havana in a proven hydrocarbon system and along trend with the multi-billion barrel Varadero oil field.
Block 9 has multiple other producing fields within close proximity, including the Majaguillar and San Anton fields immediately adjacent to Block 9 in addition to the Motembo field, the first oil field discovered in Cuba. (Source and image: Melbana)