Melbana: Amendment for Cuba Block 9 approved Martin Kovacs, 19 Jul 2017

Melbana Energy has advised that the Cuban national oil company, Unión Cuba-Petróleo (CUPET), has approved an amendment to the Block 9 PSC exploration work program.

Melbana advised that an obligation to undertake a 200 km 2D seismic survey in the second exploration sub-period, starting November 2017, has been deferred to the third sub-period, starting November 2019, with the obligation to drill an exploration well accelerated from the third sub-period to the second exploration sub-period.

Melbana stated that it requested the amendment “due to it being able to define a number of high-quality drill targets from the data it received and further studies undertaken during the first sub-period”, with it aligning the work program with its goal of drilling up to two exploration wells in Block 9, the first of which is expected to spud in the first half of 2018.

By deferring the seismic survey requirement to a future sub-period, after drilling of at least one exploration well, Melbana stated that it “will be able to refocus the seismic acquisition to support potential development scenarios”.

“The amended Block 9 PSC work program approved by CUPET is now aligned with Melbana’s stated ambition to accelerate drilling of up to two exploration wells in the highly prospective Block 9,” Melbana CEO and MD Peter Stickland commented.

“The company is looking forward to this next phase of the project and keeping the market informed as milestones are met.”

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