Ascent Resources Plc acquired rights to Block 9B in Cuba—containing onshore Majaguillar and San Anton fields—through the acquisition of Energetical Ltd., which entered into a memorandum of understanding with Cuban National Oil Company (CUPET) giving it exclusive rights to enter into a production sharing contract over the block. The fields lie on Cuba’s North coast, about 120 km east of Havana, and currently produce 190 b/d from three wells. Another three wells are shut in mainly due to the lack of basic equipment such as pumps.
The company expects to rejuvenate rates with simple and relatively low-cost basic equipment and reservoir management. It is also assessing new deviated onshore wells drilled into the crest of the fields with expected initial production in excess of 1,000 b/d. None of these operations require new seismic and none of the wells produce water. No oil-water contact has been identified.
Following the acquisition of Energetical, Ascent is targeting signature of a PSC with CUPET. There are eight wells on the fields, all of which have previously produced and have workover potential, Ascent said.
Additionally, the company is reviewing potential further acquisitions to develop a broad Cuban portfolio across both oil and gas and potentially mining, alongside the existing oil and gas assets in Slovenia. Further European growth opportunities are under active consideration.
Andrew Dennan has been appointed chief executive officer of the company with immediate effect. He is expected to join the board following completion of regulatory checks. He was formerly chief financial officer of Coro Energy PLC.
