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Melbana receives approvals from CUPET to move ahead in Cuba
2 minute read
It is all systems go for Melbana Energy Limited (ASX:MAY) at its Block 9 Production Sharing Contract (Block 9 PSC) in Cuba.
Requested amendments to its Block 9 PSC with CUPET, the national oil company of Cuba, have now received the necessary approvals.
Melbana first made the requests on 3 October 2019 and these amendments have now been formally documented between Melbana and CUPET.
As previously reported, the approved amendments to the Block 9 PSC cover extension of the current exploration sub-period to 1 November 2020 with no change to the commitment to drill one exploration well during this sub-period and the extension of the exploration period by one year.
CUPET has also informed Melbana that it is in good standing with respect to all of its Block 9 PSC obligations.
Although, it has been quiet of late with operational changes taking centre-stage, the current flow of good news company has enabled the company to once again resume discussions with relevant parties including drilling and other service providers. Melbana will gauge the interest of those who have previously tendered, as it refreshes costings and availabilities.
Melbana is also currently in deep discussions with prospective farmin partners, and has also commenced the process of seeking to extend the various drilling, environmental and other permits and access agreements it currently holds to allow for a two well drilling program commencing 2H 2020.
Melbana has already identified at least one new rig in country, complete with crew and related services, that may be suitable and available in country about the time Melbana may require it.
The proposed two well drilling program would test four separate targets totalling 236 million barrels (best estimate) of prospective resource, the best of which is estimated to have a 32% chance of success1.
The prospective resources at each objective have been prepared using the probabilistic method and the summation of the total prospective resource has been prepared using the arithmetic method.
- Prospective Resources Cautionary Statement -The estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Future exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons. All quoted volumes taken from Independent Expert McDaniel & Associates Competent Persons Report 30 June 2018, and Melbana confirms there has been no new information since that date and all technical parameters and assumptions have not changed since that date.