MEO Secures Funds for Cuba Exploration

Source: www.gulfoilandgas.com 2/29/2016, Location: South America

MEO Australia Limited has executed a Private Placement Agreement with London listed Leni Gas Cuba Limited to raise $1.4 million, with funds to be used to advance MEO’s exploration program on the Company’s newly awarded 2,380km2 onshore oil block, Block 9 in Cuba.

Under the placement agreement, MEO will issue Leni Gas Cuba 140,716,573 shares at an issue price of A$0.01 per share. The placement of shares to Leni Gas Cuba falls within MEO’s placement capacity and will make Leni Gas Cuba MEO’s single largest shareholder with a 15.8% interest in the Company.

Leni Gas Cuba is a specialist Cuban investment company listed in London and has businesses in Cuba ranging from oil and gas interests, tourism and import/export.

Cuba boasts exceptional oil and gas prospectivity. The Block 9 PSC area is in a proven hydrocarbon system with multiple discoveries within close proximity, including the multi-billion barrel Varadero oil field. Block 9 contains the Motembo field, the first oil field discovered in Cuba. An ongoing technical review of Block 9 has confirmed the significant prospectivity of the PSC area, with initial analysis identifying recovered oil from a number of previously drilled wells and a number of structural leads and prospects (see Figure 1). MEO expects to complete its preliminary assessment of Block 9’s prospectivity and reprocessing of 2D seismic data by mid-year.

MEO is prequalified as an onshore and shallow water operator in Cuba and was awarded a 100% interest in the Block 9 PSC on 3rd September, 2015. Petro Australis Limited holds a conditional 40% back-in option.

MEO’s established position in Cuba provides a strong early mover advantage ahead of ongoing strengthening of diplomatic relations between Cuba and the US.

MEO’s CEO and MD Peter Stickland commented:
“We are delighted to welcome Leni Gas Cuba as a cornerstone investor. Leni Gas Cuba’s focus on Cuba is strongly aligned with MEO’s objective of advancing its Cuban interests, particularly with the exploration program at Block 9.

The placement is a strong validation of the significant value upside potential of Block 9 and highlights Leni Gas Cuba’s confidence in MEO’s assets and activities.”


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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