LGC Capital investee company Melbana Energy provides an update on the Cuban onshore oil Block 9

See "Caution Regarding Press Releases" below.

LGC Capital Ltd.
Symbol: TSX-V: QBA

MONTREAL, Feb. 3, 2017 /CNW/ - LGC Capital Ltd. (TSXV: QBA) ("LGC") is pleased to announce that one of its portfolio companies, Australian listed Melbana Energy Limited ("Melbana") (ASX: MAY), has issued a press release providing an update on its Cuban Block 9 onshore oil acreage.

Melbana stated the following in its press release:

"We are highly encouraged by the continued growth in the exploration potential of the Block 9 PSC. … Melbana is currently progressing plans for a potential accelerated initial drilling program of up to two exploration wells in Block 9, with a target of finalizing well proposals this quarter, with drilling potentially commencing approximately twelve months after commiting to such activity."

Melbana's press release dated February 1, 2017 is available on its web site at www.melbana.com, under "Recent Announcements".

LGC holds approximately 13.7% of Melbana and is its largest shareholder.

Caution Regarding Press Releases
LGC has not made any independent inquiries as to the accuracy or completeness of the press release issued by Melbana Energy and LGC assumes no responsibility for the contents thereof.  The press release issued by Melbana Energy refers to "prospective resources" in connection with that company's onshore Block 9 PSC located along trend from the Varadero oil field.  LGC assumes that such reference was made in accordance with applicable Australia regulations but is not able to so confirm.  Further, LGC is not able to confirm whether applicable Australian regulations are equivalent to those in the Canadian Oil and Gas Evaluation (COGE) Handbook and National Instrument 51-101 (NI 51-101).  The disclosure in the Melbana press release does not comply with NI 51-101 or the guidelines of the COGE Handbook.  Investors are cautioned to take all of the foregoing into consideration when reading the press releases issued by LGC and by Melbana, particularly any references to "prospective resources".

About LGC (http://www.lgc-capital.com)
LGC has significant investments and joint ventures in international companies with Cuban ties, that are well positioned to grow with the Cuban economy. Sectors include the following: Oil and Gas, Sports Management, Consulting, Travel & Tourism, Events, TV & Film Production, Agricultural, Renewable Energy and Import & Export.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

SOURCE LGC Capital Ltd

For further information: Company & Media Contacts, Canada contact: Rafi Hazan, Secretary and Director, Tel.: (514) 839-7234; London Office contact: David Lenigas, Co-Chairman and Chief Executive Officer, Mazen Haddad, Co-Chairman, Anthony Samaha, Chief Financial Officer, Tel.: +44 (0) 20 7440 0640; Investor Relations Contact, Dave Burwell, The Howard Group Inc., Tel.: (403) 221-9015, Toll Free: 1-888-221-0915, Email: dave@howardgroupinc.com


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