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Ascent Resources Signs MoU with CUPET for Additional Cuban Blocks

By Deepak Sharma
May 04, 2020
a minute read
Havana Cuba Old Car in Street

AIM-listed E&P independent Ascent Resources Plc. has signed a deal with Cuban national oil company,  La Union Cuba-Petroleo (CUPET), for exclusive rights to three additional onshore blocks 9a, 12 and 15.

The company said in a statement that it has signed a binding MoU with CUPET granting exclusive rights for 6 months to negotiate multiple production sharing contracts (PSC) over the three blocks. This is in addition to the MoU on Block 9b that was recently secured through the company’s acquisition of UK-based Energetical Ltd. in mid-April. In addition, Ascent will also apply for operator status in Cuba as a part of the PSC negotiations.

Blocks 9a, 12 and 15 are located along the northern coast of Cuba in an area with a proven hydrocarbon system containing multiple historic wells with oil shows. The blocks are on-trend with adjacent blocks that are either producing or have successful discoveries.

“The combination of Blocks 9a, 9b, 12 and 15 positions the company with exclusive negotiating rights to potentially one of the largest non-state owned, onshore Cuban portfolios. The portfolio provides a blend of existing production for low risk redevelopment with significant upside potential for both appraisal and exploration,” the company said.

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