Ann: Alameda-1 Drilling Update, page-111

not sure on the past yet castro is out .they are governed with a new government .
sherritt is our driller onlym our partner is sonagal hope this helps
Highlights:27 .05 2020
- Farm-in Agreement for Block 9 PSC in Cuba executed with Sonangol, the National Oil
Company of Angola and Africa’s 2nd largest oil producer
- Sonangol confirms it has satisfactorily completed its Confirmatory Due Diligence. The
sole remaining outstanding condition is the receipt of Cuban regulatory approvals which
have been received and are in the process of being formally documented
- The terms of the agreement between Melbana and Sonangol provide for:
 The drilling of two high impact exploration wells (Alameda and Zapato) in Block 9
which, together, would test four separate targets totalling 236 million barrels of oil
(prospective resource, best estimate)1
 Sonangol to fund 85% of all costs associated with the completion of these two wells
and to earn a 70% participating interest in Block 9
 Melbana to remain operator and fund 15% of these two wells and to retain a 30%
participating interest
 Sonangol to pay Melbana’s past costs of approximately $5 million, largely covering
Melbana’s forecast funding commitment to these two wells
- Negotiations with the preferred drilling contractor and other service providers, all with an
established presence in Cuba are, are advanced
- Anticipate commencing first well in Q4 2020, subject to COVD-19 impact on logistics