- Melbana Energy has received final payments from Sonangol to complete the terms of its farm-in agreement for the Block 9 oil project in Cuba
- Payments totalling around $13.2 million will cover Melbana’s past costs, as well as the exploration expenditure required under the terms of the farm-in agreement
- Sonangol will take a 70 per cent stake in the project, while Melbana will maintain responsibility for the drilling program
- Drilling preparations began in late September for two final wells aimed at testing Block 9’s total prospective resource of 236 million barrels of oil
- With the final payments from Sonangol, Melbana isnow fully funded to progress the drilling program and order long-lead items for the project
- Melbana Energy closed Thursday’s session 25 per cent higher at 1.5 cents
