Melbana Energy, one of the few companies working in Cuba, said it started the preliminary work necessary to clear a site for eventual production.

Melbana, which has headquarters in Australia, has a production sharing contract with the Cuban energy company known as CUPET for the so-called Block 9 onshore basin. The Australian company said local contractors were working with its personnel to get the proposed Alameda-1 well location ready for future operations.

"The commencement of field survey work for Block 9 is a significant milestone in our preparation towards the drilling of up to two exploration wells in mid-2018 in our world-class Cuban acreage," CEO Peter Stickland said in a statement.

In a recent presentation, Melbana said the low-lying land for Block 9 made it a promising prospect. The company last year estimated its Cuban portfolio contains 637 million barrels of prospective recoverable reserves.

Melbana's drilling campaign for 2018 could cost about $30 million at the high end and it had about $2.7 million in cash on hand as of March 31. Though a placement and entitlement offer outlined earlier this month, the company said it could raise as much as $6 million to finance operations at the island nation.

"While the company intends to undertake a farm out process to potentially assist funding the drilling phase, the offer is primarily being undertaken to enable the company to conduct the necessary preparation to enable it to drill in Cuba in 2018," a letter to shareholders read.

Melbana is one of the few Western oil companies, and the only one listed on the Australian exchange, with a footprint in Cuba. The company has personnel on the ground in Cuba working to engage consultant firms there on the future potential.

Tweet

Discovery could lead to new catalyst design to reduce nitrogen oxides in diesel exhaust
West Lafayette IN (SPX) Aug 21, 2017
Researchers have discovered a new reaction mechanism that could be used to improve catalyst designs for pollution control systems to further reduce emissions of smog-causing nitrogen oxides in diesel exhaust. The research focuses on a type of catalyst called zeolites, workhorses in petroleum and chemical refineries and in emission-control systems for diesel engines. New catalyst desi ... read more

Related Links
All About Oil and Gas News at OilGasDaily.com

Thanks for being here; We need your help. The Space Media Network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceMediaNetwork Contributor $5 Billed Once credit card or paypal		SpaceMediaNetwork Monthly Supporter $5 Billed Monthly paypal only