An independent reserves expert from Canada, McDaniel & Associates, has completed a prospectivity assessment of Block 9 in Cuba for Melbana Energy (ASX: MAY). The company has significant Cuban experience certifying reserves for TSX listed Sherritt International in Cuba.
Melbana Energy is one of the few companies which have been operating long term on the Island nation. It is the only corporation listed on the Australian stock exchange with a footprint in the expanding Cuban hydrocarbon sector.
In 2016, Melbana reported a significant find in Block 9 near Varadero. Since then, the Company has continued working on a detailed assessment of the Block. A number of previously drilled wells in the Block and on Cuba’s northern shores have recovered light oil, including the Guadal-1, the Marti-5, the Motembo Field and the Bolanos-1. These wells are in close proximity.
Melbana announced by press release that the Block 9 best estimate Oil In Place has increased by 4% to more than 15.7 billion barrels of oil and recoverable Prospective Resources increased by 13% to 718 million barrels of oil equivalent from three prospects and 16 leads. The assessment includes a 17% increase in the aggregate of best estimate prospective resources to 236 million barrels of oil from the four targeted objectives contained within Melbana’s preferred initial two well program of Alameda and Zapato.
Melbana Energy’s CEO, Robert Zammit, said:
“The independent assessment by McDaniel & Associates has confirmed the world class prospective resources in Block 9 with a best estimate of 718 million barrels, which in our view is unparalleled globally in terms of onshore prospectivity coupled with the relatively low cost of exploration and the ability to turn discovery wells into producing wells compared to offshore opportunities . This report demonstrates the tremendous opportunity for Melbana to make a significant discovery in Cuba. 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.