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LGC Capital - Accelerated Drilling Plans For Onshore Oil Block 9 in Cuba, Farmout Plans For Beehive Oil Project And Plans For New Zealand Project
LGC Capital - Accelerated Drilling Plans For Onshore Oil Block 9 in Cuba, Farmout Plans Fo...
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[{"type":"text","content":"\n\n\n\nLGC Capital - Accelerated Drilling Plans For Onshore Oil Block 9 in Cuba, Farmout Plans For Beehive Oil Project And Plans For New Zealand Project\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nLGC Capital - Accelerated Drilling Plans For Onshore Oil Block 9 in Cuba, Farmout Plans For Beehive Oil Project And Plans For New Zealand Project\nCanada NewsWire\nMONTREAL, Aug. 15, 2016\n\n\n\nMONTREAL, Aug. 15, 2016 /CNW/ - LGC Capital Ltd. (TSXV: QBA) (\"LGC\") is pleased to announce that one of its portfolio companies, Australian listed MEO Australia Limited (\"MEO Australia\") (ASX: MEO), issued a press release today providing an operational update and near term drilling plans and further resource update plans for its Cuban Block 9 onshore oil acreage, and a farmout update for its Beehive Project in Australia and for its New Zealand oil and gas acreage.\n\nLGC's interest in MEO Australia has increased to approximately C$6.8 million, a nearly 5 fold increase from LGC's original entry price.  LGC holds 140.7 million shares (15.8%) of MEO Australia and is its largest shareholder. \n\nDavid Lenigas, LGC Capital Ltd's Co-Chairman & CEO, commented; \"Our investment in MEO is proving very successful to date with this investment providing a balance sheet boost to LGC of $6.8 million, and we see continued strong interest on this investment going forward as they progress a number of exciting opportunities in their significant oil portfolio in Cuba, Australia and New Zealand. Cuba Block 9 is particularly significant, as they work to accelerate the potential for drilling on Block 9. Given the potential already identified in the first of the three play types on Block 9, we are looking forward to seeing the results of the assessment of the remaining two plays on the Block and their drilling updates.\"\n\nMEO Australia's press release is available on its web site at www.meoaustralia.com.au, under \"Investor Relations/ASX Releases\".  \n\nThe full MEO Australia Media Release is as follows:\n\nASX & Media ReleaseOperations Update Key Points:\n\n\nAssessmen...