One of the few foreign companies working in Cuba, Melbana Energy said analysis reveals more oil there than expected. File Photo by Michael Bush/UPI | Aug. 7 (UPI) — Melbana Energy, one of the few Western companies with an established footprint in Cuba, said its best estimate of reserves there improved more than 10 percent. The company, which has headquarters in Australia, said an independent assessment found the best estimate for oil in place for the Block 9 prospect on the northern coast of Cuba was 15.7 billion barrels of oil, a 24 percent increase from the previous estimate. The forecast for recoverable prospective reserves increased 13 percent to 718 million barrels. Melbana declared Tuesday that Block 9, where it’s gearing up for a pioneering program, is relatively under-explored and has a substantial opportunity for growth. “This report demonstrates the tremendous opportunity for Melbana to make a significant discovery […]