Melbana Provides Update on the Resource Assessment for Cuba Block 9Source: www.gulfoilandgas.com 8/7/2018, Location: South America
Melbana Energy Limited (MAY) (Melbana) is pleased to provide the following update on the resource assessment for Cuba Block 9 (Melbana 100% and operator) and Beehive Prospect located offshore Australia in WA-488-P (Melbana 100%1 and operator).
Independent expert McDaniel & Associates (Canada), who have significant Cuban experience certifying reserves for TSX listed Sherritt have completed their independent assessment of prospective resources in Block 9 and the Beehive Prospect in Australia.
For Block 9, the assessment identifies an increase in best estimate Oil in Place of 24% to more than 15.7 billion barrels and an increase of recoverable Prospective Resources of 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.
The assessment also confirmed the giant potential of the Beehive Prospect, with best estimate Prospective Resources of 388 million barrels of oil equivalent with a significant improvement in Chance of Success to 20% (from 16%).
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.
Beehive has been confirmed as one of the largest oil prospects offshore Australia with a best estimate of 388 million barrels of oil equivalent and a high estimate of over 1.5 billion barrels. Importantly, the Independent Assessment has resulted in a significant improvement in the Chance of Success for Beehive.”
Overview of Block 9 PSC, Onshore Cuba
Block 9 PSC (Block 9) covers 2,380km2 onshore of the north coast of Cuba. It is in a proven hydrocarbon system with multiple producing fields within close proximity, including the Majaguillar and San Anton fields immediately adjacent to it and the multi-billion barrel Varadero oil field further west (see figure 1). Block 9 contains the Motembo field, the first oil field discovered in Cuba. Melbana is prequalified as an onshore and shallow water operator in Cuba and was awarded Block 9 on 3 September, 2015. Melbana’s established position in Cuba provides it with a strong early mover advantage.
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