by Daniel J. Graeber
Washington (UPI) Aug 23, 2017
One of the only foreign energy companies there said the placement of shares raised more than $1.5 million that will help finance preliminary oil work in Cuba.
Australian company Melbana Energy, one of the few Western companies with an established footprint in Cuba, and the only one listed on Australia's stock exchange, initiated a push earlier this month to raise capital for its preliminary efforts.
From the placement of shares alone, the company said it received $1.8 million that it would use to fund drilling preparations in Cuba and cover general corporate costs. All told, the company said it was expecting to raise as much as $6 million.
The company estimated its full drilling campaign, which is scheduled to begin next year, would cost about $30 million at the high end. At the end of March, the company had about $2.7 million in cash on hand. Listing fees totaled about $8,000.
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. Local contractors and on-site company representatives started work earlier this week to get the proposed Alameda-1 well location ready for future operations.
Peter Stickland, the company's CEO, said two exploration wells were possible next year in Cuban acreage he described as "world class."
The low-lying land for Block 9 makes for a promising prospect and Melbana estimated its Cuban portfolio contains 637 million barrels of prospective recoverable reserves.
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|