Leni Gas Cuba Limited announced in a press release today an update on its investment in MEO Australia Limited (“MEO”), the Australian and Cuban oil explorer. MEO Australia production sharing contract on Block 9 PSC, on the north coast of Cuba has been assessed to contain 8.183 billion barrels of Oil-in-Place with a Prospective (Recoverable) Resource of 395 million barrels (Best Estimate, 100% basis) of potentially high quality light oil.
London listed Cuban specialist investment company, Leni Gas Cuba Limited is pleased to announce that it’s 15.8% owned Australian and Cuban oil and gas explorer, MEO Australia Limited (“MEO”), has today provided a significant update in relation to its 2,380 km2 onshore Block 9 Production Sharing Contract (“Block 9 PSC”), located on the north coast of Cuba, 140 km east of Havana and along trend with the multi-billion barrel Varadero oil field.
MEO reported today that; “The first of three identified oil plays on Block 9 has been assessed by MEO to contain 8.183 billion barrels of Oil-in-Place with a Prospective (Recoverable) Resource of 395 million barrels (Best Estimate, 100% basis) of potentially high quality light oil. Further work on the other, shallower oil plays, which also have significant oil potential, is continuing and will be reported on as available.”
David Lenigas, Leni Gas Cuba’s Executive Chairman, said;
“Cuba’s existing oil production is insufficient to meet its daily needs and the scale of the identified prospectivity of Block 9 PSC suggests it has significant potential for the Country of Cuba and its energy sector going forward.”
“With nearly 400 million barrels of prospective resources already identified in conventional targets in a proven trend at moderate target depths clearly demonstrates the potential of Block 9 and we are anticipating further upgrades as the other shallow areas are assessed for oil potential.”