PROJECTS

OVERVIEW

Petro Australis holds four adjoining Production Sharing Contracts (PSCs) in the Central Cuban Oil Basin, all at a 100% Participating Interest. These contracts cover five oil fields and three discoveries that have flowed oil. The acreage covers a 1,470 square kilometre contiguous area in the Central Cuban Basin, a historically productive region.

Petro Australis has a track record in securing high-quality PSCs. Blocks 21A-IOR and 21A-P were secured in 2018 under 25 year terms, and Blocks Cristales-IOR and 21A were secured in 2025 under 30 year terms. The Company evaluates new opportunities to secure access to blocks on an ongoing basis. 

1. Pina and Brujo Oil Fields (Block 21A-IOR PSC)

The Pina oil field is the cornerstone of Petro Australis’ portfolio, located within the Block 21A Incremental Oil Recovery (IOR) PSC, which runs until 2043.

  • Pina Field has produced over 9 million barrels since 1990 and achieved peak output above 4,000 barrels per day. There are currently over 50 wells still producing. 
  • The field holds an independently verified 2C Contingent Resource of 198 million barrels, arithmetically combined across its two reservoirs – the Tuff and the Efusivos.
  • The Efusivos Formation, identified as the deeper and larger reservoir, contains 2C Contingent Resource of 183 million barrels.
  • The Tuff Formation, a shallower volcanic reservoir, remains underdeveloped and is responsive to fracking, offering significant near-term production potential.
  • Beneath these lies the Pina Carbonate, an exploration target with a mean unrisked prospective resource of 391 million barrels.
  • PAE’s 2024–2025 drilling campaign marked the first three wells drilled in Pina in in over 20 years. 

Adjacent to Pina, the Brujo oil field has produced approximately 250,000 barrels of light (40–45° API) oil from the Tuff reservoir. Modern redevelopment and fracking are expected to substantially increase production efficiency and flow rates.

2. Cristales (Block Cristales-IOR PSC)

Located approximately 25 km southwest of Pina, the Cristales oil field was awarded to PAE in 2025 under a 30-year PSC (expiring 2055). Cristales is Petro Australis’ next appraisal and production priority after Pina. 

Technical work on Cristales has commenced, though at an early stage. Well production and seismic data have been collated and appropriately digitised and reprocessed.  and fracking are expected to substantially increase production efficiency and flow rates.

The Cristales oil field has a history of exploration and development, with over 250 wells drilled between 1961-1987, over 8.5 million barrels of oil produced, and peak production of over 2,500 bopd.

Cristales is still producing from 60 production wells

Oil quality is similar to Pina (18–34° API), and early studies suggest that Cristales covers over twice Pina’s area.

3. Block 21A-P Exploration PSC

The Block 21A-P PSC (expiring 2043) encompasses the Pina South, Ceballos, and Paraíso discoveries — each of which has flowed oil.

Paraíso Discovery: 38.5° API oil produced from the Tuff reservoir..

Pina South Discovery: 37.2° API oil recovered from shallow tertiary reservoirs.

Ceballos Discovery: 19° API oil identified in the 1960s.

4. Block 21A Exploration PSC

The Block 21A PSC, signed in 2025 with a 30-year term to 2055, includes the Jatibonico and Reforma oil fields.

Reforma Field: Discovered in the 1970s, produced 21° API oil.

Jatibonico Field: Historically produced 14° API heavy oil with flow rates up to 1,200 barrels per day from shallow wells (~1,500 m depth).