MEO aims to begin drilling at Cuba's block 9 in 1Q18

Australian oil and mining firm MEO is planning to drill a well at block 9 in Cuba in the first quarter of 2018.

The block is part of an onshore field covering 2,380km2 and was awarded to MEO in September 2015 for a 25-year term.

The block is lightly explored but contains natural oil seeps and has several small oil discoveries, MEO said in a statement.

"Based on existing data, MEO sees potential to drill an initial well in 1Q18," it said. "In addition, MEO is continuing to investigate the merits of additional seismic data acquisition in Block 9 to better define some of the identified geological features in the Lower Sheet Play as well as extending seismic data coverage to further assess the potential of the block."

The exploration period of block 9 is split into four sub-periods, with withdrawal options at the end of each. The company expects to begin 2D seismic acquisition in 2018.

As reported in August, MEO announced during Q3 that the first of three identified oil plays on block 9 had been assessed to contain exploration potential for 8.18Bb of oil in place and prospective recoverable resources of 395Mb.

Cuba produces around 80,000boe/d.

The conventional lower sheet play, with 15 individual leads, is one of three identified oil plays in block 9, while an assessment of the other two shallower oil play types is ongoing and is expected to add significantly to the potential resources within the block, the company said.

MEO said it will also continue its assessment of the other play types within block 9.

In August he Melbourne-based company opened an office in Havana.

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