Cuba Block 9 - World Class Exploration Acreage
The Block 9 Production Sharing Contract (Block 9 PSC), covers 2,344km2 onshore on the north coast of Cuba, 140 km east of Havana in a proven hydrocarbon system and along trend with the multi-billion barrel Varadero oil field.
Independent reserves and resources certifier, McDaniel & Associates, prepared an original Competent Persons Report (30 June 2018) that estimated the following resources for Block 9:
- Oil in Place: ~15.7 billion barrels (best estimate)
- Prospective resource: 676 million barrels (best estimate).
In 2022, Melbana drilled the Alameda-1 well to a total depth of 3,916mMD (April 2022). The well intersected moveable oil in three independent reservoirs for total net pay zone of 278 m TVD with strong oil shows flowing to surface.
Ultimately, high formation pressures at depth resulted in the well being suspended pending testing and appraisal wells will be drilled in early to mid 2023.
Reserves and Resources
In August 2022, Melbana announced an new independent assessment of the reservoirs encountered by the Alameda-1 exploration well. This assessment estimated the total resource for the three structures encountered whilst drilling the Alameda-1 well (Amistad, Alameda and Marti) at:
- 6.4 billion barrels of OOIP and
- 362 million barrels of Prospective Resource1.
Melbana Energy was awarded a 100% participating interest in the Block 9 PSC on 3rd September 2015 and in May 2020, Melbana agreed to transfer a 70% interest in Block 9 to Sonangol (the National Oil Company of Angola) in consideration for it funding 85% of two exploration wells there.
Melbana Energy, as Operator, had a 30% interest in this two well exploration drilling program that commenced in September 2021 and concluded in October 2022. The wells targeted four separate targets with a combined 235 million barrels of prospective resource (best estimate).
The Company is now preparing to drill 2 appraisal wells commencing in Q2 of 2023.
1 100% Gross, Unrisked Mean Estimate