Melbana raises capital for Cuba drilling
Melbana Energy will use US$5.2mn in fresh capital to help bankroll onshore oil and gas exploration in Cuba, the Australian company said on Friday.
In a statement, Melbana said it raised up to US$3.42mn from an entitlement issue, partially underwritten by Patersons Securities Limited, in addition to US$1.8mn from a placement.
The company said it is preparing two wells in Cuba's Block 9 for drilling in mid-2018.
"[We] will also focus on drilling preparations for the high impact New Zealand Pukatea-1 exploration well anticipated to commence mid-January 2018 and the current farm-out activities for Cuba Block 9 and [our] Australian exploration permits," it added.
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News in: Oil & Gas (Cuba)
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