An Australian company with a focus on Cuban onshore oil potential said success at just one of its operations there could make the company.

Australia's Melbana Energy Ltd. is one of the few Western oil companies, and the only one listed on the Australian exchange, with active oil and gas operations under way in Cuba.

Working in its Block 9 onshore acreage, the company last year estimated its Cuban portfolio contains 637 million barrels of prospective recoverable reserves. The company said Monday that a site visit revealed its Alameda and Zapato well sites were encouraging, accessible and on pace for drilling during the first half of next year.

"Melbana is now focused on the detailed planning phase to support our ambition of a two-well drilling campaign commencing in approximately 12 months," CEO Peter Stickland said in a statement. "The two highest priority targets have a combined exploration potential of over 200 million barrels of recoverable oil meaning success in just one of the wells would be a company maker for Melbana."

Last year, the company said the availability of funding was its main focus for its Cuban program. More funding could come from capital injections, share placements or farm-ins to some of its prospects.

The company estimated its drilling campaign for 2018 would cost about $30 million at the high end and it was now in the process of a detailed contractor evaluation. It had about $2.7 million in cash on hand as of March 31

Melbana added that it was on the ground in Cuba working to engage consultant firms there on the future potential.

Tweet

Canada to discuss clean energy with China
Washington (UPI) Jun 5, 2017
Outreach with China extends to potential trade opportunities in the area of clean energy and clean technologies, Canada's natural resources minister said. Canadian Natural Resources Minister Jim Carr left Monday for a week-long trade visit to China with a delegation that includes representatives from the energy and clean technology sectors. Canadian Prime Minister Justin Trudeau ... 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