Block 9 PSC First Exploration Sub-Period Was Extended

Source: www.gulfoilandgas.com 11/23/2016, Location: South America

Melbana Energy Limited is pleased to provide the following update in relation to its onshore Block 9 Production Sharing Contract (Block 9 PSC), located on the north coast of Cuba.

The national oil company Union Cuba Petroleo (CUPET), has approved an adjustment to the Block 9 PSC exploration sub-periods such that the first exploration sub-period, which commenced in September 2015 (for an 18 month period) and includes an initial activity of evaluating the existing exploration data in the block and reprocessing selected 2D seismic data, has been extended by eight months to November 2017 with a corresponding reduction in the term of future sub-periods. As a result, the overall Block 9 PSC exploration period remains unchanged at eight and a half years and will continue until March, 2024.

The adjustment to the exploration sub-periods provides Melbana with additional exploration program flexibility and is in recognition of the substantial data compilation and aggregation effort undertaken by Melbana which underpins the resource prospectivity assessment currently being completed.

Melbana Energy’s CEO and MD Peter Stickland, commented on the announcement:

"This extension provides Melbana with additional time and flexibility to complete the first sub-period assessment program and is due recognition of the substantial amount of work Melbana has undertaken on Block 9 since acquiring it in late 2015. Melbana is now well advanced in the preliminary assessment of Block 9 based on the historical exploration data, having already identified exploration potential for 8.183 billion barrels of Oil-in-Place with Prospective Resources of 395 million barrels just in the "Lower Sheet Play" alone, and we are continuing to focus our efforts on the potential for early drilling opportunities in Block 9. Melbana also looks forward to updating investors on the results of its ongoing analysis of Block 9’s full resource potential."


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