Cuba We are fully funded and aim to appraise our high-impact Cuban oil discovery to increase the company value and will continue to look for high impact exploration opportunities and deals to grow our opportunity base for our shareholders. Operating Review We are often asked “Why Cuba?” to which we reply, why not Cuba? Given we have been active in Cuba for over a decade it is pertinent to review what brought us to explore for oil and gas here. Cuba is a country that needs energy to fuel its 11 million population. Cuba is crying out for energy: it currently produces about 45,000 barrels oil per day of heavy (10° API), viscous (~3,000 cP) crude oil that is used almost entirely for generating electricity. As there is a shortage of domestic production, Cuba imports crude to maintain its electricity grid. 8 Melbana Energy Limited Annual Report 2023
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