by Daniel J. Graeber
Washington (UPI) Oct 31, 2017
While funding may complicate its efforts, an Australian energy company targeting Cuban oil said it planned to tap prospects with a historic record of success.
Melbana Energy is one of the few Western energy companies, and the only one listed on the Australian stock exchange, with a footprint in Cuba. The company aims to tap the Alameda-1 prospect, which the company said is in an area that has more than 630 million recoverable barrels of oil at the high end.
"While characterized as an exploration well, the chance of success at Alameda-1 benefits from two old wells, Marti-2 and Marti-5, both of which recovered oil from the objectives targeted in Alameda-1," the company explained.
In an update on quarterly activity, the company said it estimated it would cost at least $10 million to drill two wells in Cuba. On Monday, a partnership agreement with Petro Australis Ltd. fell apart because of the lack of approval from regulatory authorities. That left Melbana with a 100 percent stake in Cuban operations and without a partner that would carry 40 percent of the drilling costs.
The company said Tuesday it was looking for new partners after raising $5 million in a capital drive earlier this year.
"We continue to progress towards drilling that is targeted to commence mid-2018 in our world-class exploration opportunity in Block 9, onshore Cuba," Managing Director and CEO Peter Stickland said in a statement.
Quarterly progress in Cuba included advances on engineering and permitting processes. Hurricane Irma battered the north of Cuba as a Category 3 storm in early September before turning north for its run up Florida's western coast. Melbana gave no indication that its license areas on the northern shores of Cuba were damaged by the storm.
Petro Australis Ltd. had no comment on the end of the partnership agreement in Cuba. It had until Sept. 2 to exercise its right, but failed to obtain the proper regulatory qualifications from the Cuban government.
Boulder CO (SPX) Oct 26, 2017
A rash of earthquakes in southern Colorado and northern New Mexico recorded between 2008 and 2010 was likely due to fluids pumped deep underground during oil and gas wastewater disposal, says a new University of Colorado Boulder study. The study, which took place in the 2,200-square-mile Raton Basin along the central Colorado-northern New Mexico border, found more than 1,800 earthquakes up ... read more
All About Oil and Gas News at OilGasDaily.com
|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|