Cuba Block 9 - World Class Exploration Acreage
The Block 9 Production Sharing Contract (“Block 9 PSC”), covers 2,344km2 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.
Independent Expert McDaniel & Associates Consultants Competent Persons Report (30 June 2018) estimated Block 9 Oil in Place as ~15.7 billion barrels (best estimate) with a prospective resource of 676 million barrels (best estimate).
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. In May 2020, Melbana agreed to transfer a 70% interest in Block 9 to Sonangol (the National Oil Company of Angola) in consideration for it funding 85% of two exploration wells there.
Melbana Energy, as Operator, has a 30% interest in this two well exploration drilling program that commenced in September 2021. The wells will test four separate targets with a combined 235 million barrels of prospective resource (best estimate). The first well has already encountered oil shows over a significant interval.