Company History

Petro Australis Limited was founded in 2012 by experienced executives with careers in major oil exploration and production companies.
Built relationship with Cupet and local authorities.
Developed a deep understanding of Cuba’s geology and opportunity set.

Petro Australis Energy was established in 2017 for the purposes of entering into PSCs in Cuba.
Awarded 100% Participating Interests in Blocks 21A-IOR PSC (Pina and Brujo oil fields) and 21A-P PSC in 2018.

Completed comprehensive technical studies of Pina oil field’s geological structure, reservoir characterisation, production history and well interventions.
Identified hundreds of low-risk step-out and infill drilling locations.
Studied Pina’s production history including early Cupet-led fracking operations on 15 wells, establishing the efficacy of fracking to uplift both initial production and recoverable volumes per well by a factor of three.
Built an Operations team comprising drilling, reservoir and fracking engineers, largely based in Calgary.

Acquired fracking spread equipment and transported it to Cuba, which is still the first and only modern fracking spread in Cuba.
Generated the first international standard Safety Case for the petroleum industry in Cuba, which allowed PAE to achieve the first modern fracking license in Cuba.
Conducted a fracking program on eight pressure depleted wells (six wells in the Pina Field and two wells in the Brujo Field), initially boosting production in these wells from 18 bopd to 96 bopd, providing further evidence of modern stimulation techniques.
Executed an Oil Sales Agreement with Cupet, benchmarking oil sale proceeds to US Mars oil type.

Purchased two used onshore drilling rigs during market downturn at a competitive price.
Received initial Resource Certification by Sproule ERCE, certifying 2C Contingent Resources of 13.9 million barrels in and around the main Pina Field area, and 187 million barrels Mean Prospective Resources in the Efusivos (with a Chance of Success of 70%), and 391 million barrels of Mean Prospective Resources (arithmetically added) in two stacked carbonate targets below the Pina Field (Pina Deep).
Commenced multi-well approval process for Pina oil field drilling locations.

Team Management and Board capability extended with appointment of CEO and Executive Director Shiva McMahon.
Signed an oil export agreement with Cupet.
Secured the Cristales and Block 21A PSCs (100% Participating Interest).
Drilled and fracked three new wells in the Pina oil field, the first new wells in over twenty years, providing valuable insights into, and significantly deepening, the resource base, e.g. extending the Efusivos Lowest Known Oil by 850 meters beyond previously certified limits. The Efusivos remains open at depth.
Established the Efusivos as the primary, and much larger target; reclassified and recertified with 2C Contingent Resource of 183 million barrels, as compared to 14.5 million barrels of 2C Contingent Resource in the Tuff.
Combined certified Pina Field Tuff and Efusivos 2C Contingent Resource of 198 million barrels, arithmetically combined across its two reservoirs (13.9 million barrels pre-drill, based on 2022 certification).