Leni Oil and Gas has agreed to invest $1.4 million in a Cuban oil operator, to advance its exploration program.
The investment will allow Leni to become the single largest in MEO Australia – an Australian listed Cuban oil explorer. This investment into MEO further emphasises Leni’s serious interest in Block 9.
“The low operating cost environment in Cuba supports strong profitability levels even in current oil price conditions and the improving diplomatic relations with the U.S. is expected to drive substantial foreign investment in to the oil sector over the coming years,” said Chairman, David Lenigas.
Cuba is well renowned for its oil and gas prospectively. Block 9 has demonstrated significant potential and is forecasted to generate good results for the company.
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