Cuba Block 9 - World Class Exploration Acreage
The Block 9 Production Sharing Contract (“Block 9 PSC”), 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.
Melbana Energy is prequalified as an onshore and shallow water operator in Cuba and was awarded a 100% participating interest in the Block 9 PSC on 3rd September, 2015.
Independent Expert McDaniel & Associates Consultants Competent Persons Report (30 June 2018) recently estimated Block 9 Oil in Place as ~15.7 billion barrels (best estimate) with recoverable prospective resource of 718 million barrels (best estimate).
Melbana has signed a non-binding Letter of Intent with Anhui Guangda Mining Investment Co Ltd, a Chinese company providing oilfield services and equipment both in China and internationally for a farmin to Block 9. Under the LOI, Melbana will receive a full carry for all costs in the Block, with a minimum commitment of 3 exploration wells to be drilled on Melbana's highgraded targets (Alameda, Zapato, Piedra). Two wells are to be drilled prior to November 2019. Melbana will retain 12.5% of the profit oil under the Block 9 PSC.