Leni Gas Cuba hopeful over Block 9 in Cuba

2/10/2016 7:06:17 AM

(MENAFN- ProactiveInvestors - UK) Leni Gas Cuba (ISDX:CUBA) hopes work underway by the operator of Block 9 in Cuba will confirm its oil and gas potential.

Block 9 is a 2380 sq km prospect where MEO Australia is the operator.LGC owns 15% of Petro Australis which has the rights under certain conditions to back-in to 40% of Block 9 through MEO.

A technical review by MEO has confirmed the significant prospectivity of the block said LGC.

Initial analysis had identified previously recovered oil from a number of drilled wells on the block and a number of structural leads and prospects.

David Lenigas LGC's chairman said: "We anticipate that the first part of 2016 will be an exciting time for this asset with the completion of major reviews currently underway by the operator of Block 9 that will hopefully confirm its oil and gas potential.

'The low operating cost environment in Cuba supports strong profitability levels even in depressed oil price conditions and the improving diplomatic relations with the US is expected to drive substantial foreign investment into the oil sector over the coming years."

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