Melbana Energy reports that Cuban formal regulatory approval has been received for the entry of Sonangol in to the Block 9 Production Sharing Contract. Effective 17 August 2020, Sonangol's participating interest in Block 9 PSC is 70% and Melbana's is 30%.

Block 9 location (Map source: KeyFacts Energy)

This satisfies the last remaining Condition Precedent to the Farm-in Agreement executed between Sonangol and Melbana1 and therefore establishes certain actions to be completed by the parties within defined periods.

Melbana expects to commence construction of the first well pad next month and is currently running an international tender for the provision of the tubulars it needs to supplement local inventories. 

The planned two well drilling program in Block 9 Cuba will test a total prospective resource of 236 million barrels of oil (best estimate), in which Melbana has a 30% interest.

KeyFacts Energy: Melbana Energy Cuba country profile