Cuban oil drilling program low on funds

12 Sep 2017   Cuba

An effort to raise up to $4.8 million to help fund drilling operations at a reservoir in Cuba fell well short of its goal, Melbana Energy Ltd. said. Melbana is one of the few Western companies, and the only one listed on Australia’s stock exchange, with an established footprint in Cuba. It initiated a push last month to raise capital for its preliminary efforts and said that through the placement of shares alone, it received $1.8 million that it would use to fund drilling preparations in Cuba and cover general corporate costs. On Monday, the company said an entitlement offer to raise $4.8 million fell short of the goal, raising $1.5 million. All told, the company said […]

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