Project Profile

Value: US$25 M
Location: Central and Northern Cuba, South America
Area: 967 square kilometres and 261 square kilometres
Start-up Year: Commercialisation of Block 10 to be approved in Q1 2018

Blocks, 8A and 10 are located in Central and Northern Cuba and encompass areas of 967 square kilometres and 261 square kilometres respectively. The PSCs have a 25-year-term and include commitments which primarily include reprocessing existing seismic data and acquiring new seismic data within a two-year period. After the completion and evaluation of the seismic work, Sherritt has the option to continue its exploration work or relinquish the PSCs. Sherritt is the operator of the project with 100% interest.

In February 2017, the operator decided to give the project a cash injection. Sherritt International plans to invest a total of US$25 million in Block 10 in Cuba in 2017. Sherritt intends to spend US$18 million on equipment to support drilling work at Block 10, with a further US$7 million to be spent on seismic surveys in Block 8A. The operator plans to complete its first well at Block 10 and then drill an additional well at the site. The drilling results of these two wells will determine whether or not the company will proceed with the commercialisation of the block. If the drilling is successful then the company predicts that the commercialisation of Block 10 could be approved in the first quarter of 2018.


Operators:

Sherritt: Operator with 100% interest


Contractors:


Subcontractors: