Subscribe to our free daily newsletters
  Oil and Gas News from OilGasDaily.Com  




Subscribe to our free daily newsletters



OIL AND GAS
Capital push under way for Cuban oil campaign
by Daniel J. Graeber
Washington (UPI) Aug 15, 2017


Proceeds from an effort to raise new capital will be used primarily to start planning for a drilling program in Cuba next year, Melbana Energy announced.

The company, which has headquarters in Australia, is one of the few with an established footprint in Cuba. Though a placement and entitlement offer, Melbana said it could raise as much as $6 million to finance operations at the island nation.

"Net proceeds from the placement and entitlement offer will be used primarily to allow the company to undertake the necessary initial preparations for the planned Cuba drilling program in 2018 on the company's 100 percent owned onshore Block 9 production sharing contract, but excluding drilling itself," it said in its announcement.

Block 9 could yield about 637 million barrels of oil for Melbana. Its two primary drilling targets -- Alameda-1 and Zapato -- combine for an exploration of 200 million barrels.

In a recent presentation, Melbana said the low-lying land for Block 9 made it a promising prospect and there are "multiple" drilling rigs already in operation. In its placement announcement, the company said Alameda is the target of at least three drilling objectives.

The company estimated its drilling campaign for 2018 would cost about $30 million at the high end. On the placement offer, it said there was "strong support" from existing shareholders and new investors.

As of March 31, the company had about $2.7 million in cash on hand.

Melbana has personnel on the ground in Cuba working to engage consultant firms there on the future potential.

OIL AND GAS
Iraq, Saudi Arabia express full commitment to OPEC balancing act
Washington (UPI) Aug 11, 2017
Oil production from Iraq and Saudi Arabia will remain subdued until the markets reach a target level that indicates a balanced market, leaders said. Saudi Prince Mohammed bin Salman bin Abdulaziz al-Saud hosted Iraqi Oil Minister Jabbar al-Luabi to discuss recent trades in shared oil policy. Saudi Arabia is the largest oil producer in the Organization of Petroleum Exporting Count ... read more

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


Thanks for being here;
We need your help. The SpaceDaily news 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.

SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only

Comment using your Disqus, Facebook, Google or Twitter login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

OIL AND GAS
Additive selectively converts CO2 to multicarbon fuels

New light-activated catalyst grabs CO2 to make ingredients for fuel

Biochar could clear the air in more ways than one

Algae cultivation technique could advance biofuels

OIL AND GAS
ABB wins $30 million order to support integration of renewables in Germany

Solar glasses generate solar power

New method enhances broadband light absorption in solar cells

Lightweight catalyst for artificial photosynthesis

OIL AND GAS
Norway's Statoil reshapes hold of giant wind farm off the British coast

Annual wind report confirms tech advancements, improved performance, low wind prices

Vertical axis wind turbines can offer cheaper electricity for urban and suburban areas

U.S. wind power momentum up 40 percent from last year

OIL AND GAS
RWE optimistic for 2017, boosted by nuclear tax refund

The Roadmap for Increased Safety and Viability of Nuclear Power Plants

Areva signs MOX fuel fabrication contract with Japan

Construction of two nuclear power plants in US halted

OIL AND GAS
UNEP chief urges China to do more on climate

Can poor air quality mask global warming's effects

US to join climate talks despite Paris accord exit

Government report sees drastic climate change impact in US: NYT

OIL AND GAS
Uber board spat over ex-chief Kalanick goes public

Shares of Fiat Chrysler surge on report of Chinese suitors

Electric vehicles to eat into global oil demand by 6 million barrels

Czech Republic aims for nation-wide vehicle charging points

OIL AND GAS
Canada to contribute policing to liberated Iraq city

Conviction, sentences upended in Blackwater case

Iraq faces vast challenges securing, rebuilding Mosul

Two killed in IS-claimed attack on Iraq embassy in Kabul

OIL AND GAS
Trump keeps Iran deal, but threatens more sanctions

S. Korea seeks rare talks with North to ease military tensions

US sending mixed messages on Iran nuclear deal: Zarif

US-China citizen gets 10 years for spying in Iran; 2 Iranians charged in US over hacking




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News






The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement