Mediterranean O&G Farms-Out Malta Stake

Mediterranean O&G’s subsidiary, Phoenicia Energy has entered into an Execution Agreement with Dominion, to farm-out a 75% operated working interest in Production Sharing Contract for Blocks 4, 5, 6 and 7 of Area 4 offshore Malta.

Under the agreement, Dominion will pay a deposit of US $225,000 to PEL, which is nonrefundable, unless the agreement is not granted government approval. The production sharing contract lies to the north of Libya, covering an area of about 1.4 million acres (5,715 square kilometers) in Maltese waters. It includes both the Cretaceous rift potential of the Melita-Median Graben and the confirmed Eocene carbonate play of North Africa.

A number of plays have been identified in Area 4, specifically the Tarxien prospect – considered a lower Eocene carbonate accumulation. MOG currently holds a 90% operated working interest through its subsidiary PEL, with Leni Gas & Oil Investments Limited holding the remaining interest. Following the completion of the farm-in agreement, Dominion will hold a 75% operated working interest in the Maltese PSC.

The work obligations of the current period of the Maltese PSC comprise the acquisition of 247,1.5 acres (1,000 square kilometers) of 3D seismic data and the drilling of one exploration well. The results of the seismic survey will enable the JV partners to interpret and evaluate the Tarxien prospect and other identified opportunities within Area 4, prior to any drilling decision. 

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