• Approvals received for requested amendments to the Block 9 Production Sharing Contract (PSC)
• Principal amendments are a one year extension of the current exploration sub-period to 1 November 2020 and a one year extension to the full exploration period
• The work commitment for the current exploration sub-period remains the drilling of one exploration well
• CUPET confirms that all of Melbana’s other obligations under the Block 9 PSC are either waived for the current sub-period or are in full compliance

CUPET, the national oil company of Cuba, has informed Melbana that it has received all necessary approvals to confirm amendments to the Block 9 Production Sharing Contract (PSC) requested by Melbana.

Map source: KeyFacts Energy

Melbana believes these amendments, expected to be formally documented in October, will be of assistance to negotiations it is having with prospective partners for its proposed 2020 drilling programme in Block 9.

The approved amendments to the Block 9 PSC are:

1. Extension of the current exploration sub-period to 1 November 2020 with no change to the commitment to drill one exploration well during this sub-period;
2. Extension of the exploration period by one year; and
3. Voluntary relinquishment of 24.6 km² (about 1% of the total area), which reduces the total prospective resource (best estimate) for Block 9 from 718 million barrels of oil to 676 million barrels of oil.

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