HAVANA, Cuba, Sep 19 (acn) Cuban Oil Company´s assistant director Roberto Suárez Sotolongo said that some on-line media began on July 29 distorting information released on July 7 by MEO Australia Oil Company about its latest report on exploration works at a zone on the northern central Cuban territory known as Bloc 9.
Some online outlets have distorted a news release by reporting an announcement on the discovery of high-quality oil, but such information is not mentioned in the news release or by any of the specialized media in the oil sector, said the Cuban executive.
Cited in an article published on Granma newspaper, the executive recalled that the Australian company usually releases operations reports to inform its shareholders. In this regards, on June 29, 2016 MEO Australia submitted to Cuba´s CUPET Oil Company a proposal of a news release on the results of preliminary works on Bloc 9, and the proposal was accepted by CUPET and published on July 7 since it met methodological standards in the activity to assess potential reserves and the appropriate terminology for such proceeding.
However, said the executive, some media outlets have used original images contained in the news release and out-of-context statements by MEO directives.
MEO Australia (www.meoaustralia.com.au) also has offshore projects in Australia and New Zealand along with the Cuban zone.
Excerpts of the news release by MEO Australia Limited reads as follows: The first of three identified oil plays on Block 9 has been assessed by MEO to contain 8.183 billion barrels of Oil-in-Place with a Prospective (Recoverable) Resource of 395 million barrels (Best Estimate, 100% basis)* of potentially high quality light oil. Further work on the other, shallower oil plays, which also have significant oil potential, is continuing and will be reported on as available.
Upon receiving the report MEO´s CEO and MD Peter Stickland was quoted at http://www.meoaustralia.com.au/icms_docs/247391_Multi_Billion_Barrel_Potential_Identified_in_Cuban_Acreage.pdf as saying: "It is extraordinary to be able to already identify nearly 400 million barrels of prospective resources in conventional targets in a proven trend at moderate target depths, located in an accessible onshore area. This result, which is for only one of three identified play-types, speaks to the enormous potential of MEO's Block 9 PSC.
Significantly, these leads have the potential for billions of barrels of oil-in-place however the prospective resources so far assume only the historical 5% recovery factor from offset fields in Cuba." ......The scale of the identified prospectively of Block 9 PSC suggests it has the potential to have a substantial positive impact on Cuba's energy sector, said the executive.
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