Oil worth $30b found in Cuba

[El Presidente]

 

A one-time Macquarie banker claims he found oil worth $30b in Cuba

Little-known Sydney-based company Melbana began production on Wednesday at what could be a large oil field on the north coast of the Caribbean country.

 

 

Andrew Purcell, a former junior Macquarie investment banker, said that the energy company he chairs began pumping oil from a well in Cuba this week, a step towards obtaining the 267 million barrels his geologists estimate could be extracted from the field.

At 80 per cent of current prices – a discount applied because of the Cuba government’s control of oil prices in the Caribbean communist nation – the little-known, Sydney-based Melbana Energy’s oil discovery on Cuba’s northern coastline is worth about $30 billion.

https://www.afr.com/world/north-america/a-one-time-macquarie-banker-claims-he-found-oil-worth-30b-in-cuba-20231016-p5ecqh

[JohnnyO]

What a coin-ki-dink that this news surfaces as the Sleepy Guy backtracked on the Orange Haired guy's 2018 move to stop all purchases of oil from Venezuela to the US. Yup, 2 days ago a six month agreement was signed between the US and Venezuela to buy oil again. This leads me to believe that the Magnitsky act has been removed temporarily, so that Venezuela can send and receive USD electronically. Good news for Cuba as hopefully they'll get a few tankers more frequently and there won't be so many power outages and long gas lines. BTW, gas/diesel is still 25 CUP (10 cents) a liter in Cuba. Sure, they only sell you 40 liters at a time but maybe it will change things. Prez, sorry to thread jack your post but I think they are related. John

[El Presidente]

13 hours ago, JohnnyO said:

What a coin-ki-dink that this news surfaces as the Sleepy Guy backtracked on the Orange Haired guy's 2018 move to stop all purchases of oil from Venezuela to the US. Yup, 2 days ago a six month agreement was signed between the US and Venezuela to buy oil again. This leads me to believe that the Magnitsky act has been removed temporarily, so that Venezuela can send and receive USD electronically. Good news for Cuba as hopefully they'll get a few tankers more frequently and there won't be so many power outages and long gas lines. BTW, gas/diesel is still 25 CUP (10 cents) a liter in Cuba. Sure, they only sell you 40 liters at a time but maybe it will change things. Prez, sorry to thread jack your post but I think they are related. John

This group (Melbana) have been doing the hard yards in Cuba for several years. I sincerely wish them well.......but we all know the "scorpion and the frog" story......and how that finishes 

[JohnnyO]

The overall consensus recommendation for Melhabana Energy is "hold". On this news their stock went down -2.78%, to $0.07/AUD per share. John