Cuba Block 9 Operations Update, 12 March, page-49

During the Alameda 1 drill they made the following announcement:

"Overnight drilling reached a depth of approximately 3,590mMD (3420mTVD), at which point a lithology change was detected, potentially signifying the bottom of the reservoir. As a result, the decision has been made to call total depth for the current 8½” section (N structure) to preserve the oil already found in this section.

The interval just drilled commenced at approximately 3,077mMD (2970mTVD), indicating a potential gross reservoir interval of possibly as much as 500mMD (450mTVD). The gas behaviour in this interval was better than anticipated and there have been significant oil shows present throughout on the shale shakers and in cuttings samples. Drilling of this section commenced with a mud weight of 1.54sg and had to increase up to 1.73sg to maintain well control."

The well is presently at 3,045 meters which is just before they started to encounter oil for the next 500 meters. I'd have thought the market should be getting at least a bit excited now. The main show is about to start!