MacDonald and Cubacan in strategic merger for Eastern Cuba program

Jul 23, 1997 02:00 AM

June 27, 1997 MacDonald Oil Exploration Ltd. announced that its parent company MacDonald Mines Exploration Ltd. and its chairman and CEO Frank C. Smeenk, have agreed to exchange their block of 4 million of the MacDonald Oil's shares (approximately 25 % of its issued capital) for 1 million shares of Cubacan Exploration Inc., in a corporate alliance for operation of their oil exploration programs in Eastern Cuba. The parties have entered tentative agreements for mutual operational and technical services for upcoming drilling programs expected to start later this year. Cubacan's Block 16 and 17 have a number of drillable prospects following extensive seismic data acquisition and analysis. MacDonald Oil's southerly-adjoining Block 22 has, to date, yielded four structures with the potential for significant hydrocarbon accumulations, from a 110 kilometre seismic test survey. The MacDonald companies have extensive operating facilities in Guaimaro, at the heart of the three oil concessions, in addition to support offices in Camaguey and Havana.
Frank C. Smeenk has been appointed to the board of directors of Cubacan Exploration Inc. and Cubacan president Allan J. Kent has been appointed to the MacDonald Oil board.

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