Monaco-based Australian oil tycoon David Lenigas, who earlier this month stepped away from the “Gatwick gusher” play, has made his first entry into the Cuban oil and gas market.
His new company Leni Gas Cuba (LNG) has acquired a 5% share in Cuba focused oil and gas firm Petro Australis which secured a 40% share in a 2,380 km2 onshore block with Cuba Petróleo Union (“Cupet”). The firm is now awaiting final regulatory approvals from the Cuban Government for the site.
The block is located in predominantly low lying farmland on the north coast of Cuba approximately 130 km east of Havana. It is close to, and geologically on trend with the multi-billion barrel Varadero oil field.
Negotiations for a 100% participating interest in a production sharing contract Cuba were completed in December last year.
Mr Lenigas, who is executive chairman of LGC, said: “This is LGC’s first acquisition that relates to Cuba and we see Petro Australis as an exciting entry point into the Cuban oil and gas sector.”
Earlier this month, he stepped down from the board of UK Oil and Gas Investments (Ukog) stating that the company needed sector-experienced executive leadership to take it forward.Ukog hit the headlines when it claimed it had found an oil field of “national significance” a few miles from Gatwick Airport and dubbed the “Gatwick Gusher”. The company’s claims for the Surrey opportunity were subsequently described by analysts as “wildly optimistic”.
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