In order to settle potential liability for violating US sanctions, a US company has agreed to pay a penalty of $304,706 for dealing in property in which Cuba or a Cuban national had an interest. In 2011, subsidiaries of the U.S. company exported goods and services to support oil and gas prospecting and drilling within the Cabinda Onshore South Block oil concession, in which a state-owned Cuban company had a 5% interest through the consortium. The total transaction value of the violations was $1,189,752. The statutory maximum penalty was $1,235,000 and the base penalty was $423,202. OFAC held that the subsidiaries acted with reckless disregard for US sanctions but the case was “non-egregious” because the violations were voluntarily disclosed. The penalty was also reduced because it was the company’s first violation and the Cuban company owned such a small interest in the consortium.