Business
LGC Capital investee company Melbana Energy provides an update on the Cuban onshore oil Block 9
LGC Capital investee company Melbana Energy provides an update on the Cuban onshore oil Bl...
About this update from Elixxer Ltd.
[{"type":"text","content":"\n\n\n\nLGC Capital investee company Melbana Energy provides an update on the Cuban onshore oil Block 9\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMONTREAL, Feb. 3, 2017\n\n\n\nSee \"Caution Regarding Press Releases\" below.\n\nLGC Capital Ltd.Symbol: TSX-V: QBA\n\n\n\nMONTREAL, Feb. 3, 2017 /CNW/ - LGC Capital Ltd. (TSXV: QBA) (\"LGC\") is pleased to announce that one of its portfolio companies, Australian listed Melbana Energy Limited (\"Melbana\") (ASX: MAY), has issued a press release providing an update on its Cuban Block 9 onshore oil acreage.\n\nMelbana stated the following in its press release:\n\n\"We are highly encouraged by the continued growth in the exploration potential of the Block 9 PSC. … Melbana is currently progressing plans for a potential accelerated initial drilling program of up to two exploration wells in Block 9, with a target of finalizing well proposals this quarter, with drilling potentially commencing approximately twelve months after commiting to such activity.\" \n\nMelbana's press release dated February 1, 2017 is available on its web site at www.melbana.com, under \"Recent Announcements\".\n\nLGC holds approximately 13.7% of Melbana and is its largest shareholder.\n\nCaution Regarding Press ReleasesLGC has not made any independent inquiries as to the accuracy or completeness of the press release issued by Melbana Energy and LGC assumes no responsibility for the contents thereof.  The press release issued by Melbana Energy refers to \"prospective resources\" in connection with that company's onshore Block 9 PSC located along trend from the Varadero oil field.  LGC assumes that such reference was made in accordance with applicable Australia regulations but is not able to so confirm.  Further, LGC is not able to confirm whether applicable Australian regulations are equivalent to those in the Canadian Oil and Gas Evaluation (COGE) Handbook and National Instrument 51-101 (NI 51-101).  The disclosure in the Melbana press r...