With four fully funded high impact wells expected to be drilled on two potentially company making projects over the next two years, Melbana Energy (“Melbana” or the “Company”) is now realising the fruition of a period where it has built up an unrisked Prospective Resource base of 1.1 Bboe.
Three of the wells are to be drilled in the Block 9 Production Sharing Contract (“PSC”) on the northern coast of Cuba, with two of the wells planned for 2019 and one for 2020; the Company is finalising a farm-out agreement with Chinese group Anhui Guangda Mining Investment Co Ltd (“AGMI”), with execution expected in December – this will leave the Company with a free carried interest in all Block 9 activities. Cuba presents a highly prospective yet under drilled opportunity – Block 9 is along trend from and over similar structures to the major Cuban producing areas including the 11 Bbbl Varadero Oil Field, and areas currently operated by TSXlisted Sherritt International, the only other western player in Cuba.
