MEO announces Cuba ‘Block 9’ PSC update
Published by Louise Mulhall,
Editorial Assistant
Oilfield Technology,
Prospectivity assessment of Block 9 underway
MEO has now received a considerable quantity of historical technical data from Block 9 and has commenced a detailed assessment of the prospectivity of the block.
To date MEO has confirmed that a number of wells previously drilled in Block 9 have recovered oil.
Amongst these are:
These historical drilling results along with the previously produced Motembo field and the extensive natural seeps and tar deposits (all within MEO’s Block 9) indicate a widespread and prolific petroleum system within MEO’s Block 9.
In addition, 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.
A project to reprocess some of the existing 2D seismic data has commenced. This reprocessing will seek to improve the data quality and thus enhance the understanding of Block 9.
MEO expects ongoing updates over the coming months and to conclude its preliminary assessment of the prospectivity of Block 9 and the seismic reprocessing project by mid-year.
MEO’s CEO and MD Peter Stickland, commented on the announcement:
“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 US is expected to drive substantial foreign investment over the coming years.”
Adapted from a press release by Louise Mulhall
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/09022016/meo-announces-cuba-block-9-psc-update/
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