After receiving a “considerable” quantity of historical technical data, MEO Australia has commenced an assessment of the prospectivity of Cuba’s Block 9.
As part of this assessment, the company has started a project to reprocess some of the existing 2D seismic data from the block. This reprocessing will seek to improve the data quality and enhance the understanding of Block 9, according to an MEO statement. The energy firm expects to conclude its preliminary assessment of the prospectivity of Block 9 and the seismic reprocessing project by mid-year.
Commenting on the prospectivity assessment of the block, an MEO statement said:
“Initial analysis has identified the presence of a number of prospective structural trends on Block 9, and the potential for a significant number of additional structural leads and prospects has been identified during the preliminary interpretation of the existing seismic data.”
To date, a number of wells previously drilled in Block 9 have recovered oil. Amongst these are Guadal-1, which was drilled in 1970/71 and recovered more than 30 barrels of light oil on test, Marti-5, drilled in 1988/89 recovered 20.5° and 24° API oil and had oil shows over a 1,279 feet gross interval, and Bolanos-1, which was drilled in 1991, recorded a recovery of 22° API oil.
Outlining the importance of the block to the company, MEO’s CEO and MD Peter Stickland said in a company statement:
“Cuba Block 9 represents MEO’s highest priority asset for near-term value creation. Early 2016 will be an exciting time for this asset, with the completion of major reviews currently underway that will confirm Block 9’s potential and future growth plans. Interpretation of the data that has been received so far suggests a rich petroleum system is present, that there are a number of old wells that have tested oil and there are a significant number of prospective structural trends in Block 9.
“MEO’s early mover positioning in Cuba holds significant potential. The low operating costs in the Cuba support strong profitability levels even in depressed oil price conditions and the improving diplomatic relations with the U.S. is expected to drive substantial foreign investment over the coming years.”
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