by Daniel J. Graeber
Washington (UPI) Aug 22, 2017
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.
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
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|