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Leni Gas Cuba gets good news from down-under

It may be focused on Cuba, but some of its investments have interests elsewhere, such as Australia

Oil rig
As Austin Powers might say: Oh, Beehive!

Leni Gas Cuba (ISDX:CUBA) noted today its focus on Cuba had not stopped it benefiting from developments elsewhere in the world, namely Australia.

It has a 15.8% stake in oil and gas explorer, MEO Australia Limited (ASX:MEO), largely because of MEO's Cuban interests, but it was happy to report on Thursday that MEO had revealed encouraging results from seismic data reprocessing and inversion studies of its Beehive prospect down-under.

MEO said the new data provided additional confidence about the prospect, which is potentially a multi-million barrel asset.

"Although our main interest in MEO Australia is for it's significant exposure to the Cuban oil and gas sector through its 2,380 km2 onshore Block 9 licence due east of Havana, this news highlights the additional significant long term potential of it's other oil and gas assets in Australia,” said David Lenigas, executive chairman of Leni Gas Cuba.

"MEO now indicates that the Beehive prospect, in the shallow waters off the north-west coast of Western Australian has a multi-billion barrel potential and we look forward to further significant developments on this asset in the near future," he added.

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