Cuba-focused Melbana Energy said it more the doubled its reserve estimates for onshore oil, though recovery rates there are low so far. Melbana is one of the few Western oil companies, and the only one listed on the Australian exchange, with a footprint in Cuba. In a statement on its reserve estimates, CEO Peter Stickland said the 612 million barrels of prospective oil in its Block 9 onshore area was “extraordinary.” “Significantly, these leads have the potential for billions of barrels of oil-in-place however the prospective resources so far assume only the historical 5 percent recovery factor from offset fields in Cuba,” he said. “The application of modern enhanced oil recovery techniques may increase the recovery factor and therefore has the […]