Mediterranean O&G announced that the Company, through its wholly owned subsidiary Malta Oil Pty Ltd, has now entered into a contract with Fugro-Geoteam Pty Ltd ("Fugro-Geoteam"), who will undertake the acquisition of 1,000 square kilometers of long offset 3D seismic exploration data on behalf of the Company, in relation to its license commitment at Area 4 Offshore Malta.
Fugro-Geoteam's vessel, R/V Geo Barents, has commenced mobilization and the Company expects 3D seismic acquisition to commence on or about Wednesday, November 16, 2011. The estimated duration of the survey is about 30 days. Processing of 3D data will start immediately after the completion of the survey, with the objective of obtaining the results towards the end of 1Q 2012.
Sergio Morandi, Chief Executive Officer of Mediterranean Oil and Gas, commented, "We are extremely pleased to have entered the 3D seismic acquisition contract with Fugro- Geoteam, a world class operator. This new 3D seismic data should allow the company to complete the assessment of the exploration potential of Area 4 Offshore Malta. We are hopeful that the seismic survey will identify further prospects in the area and make the drilling of an exploration more attractive."
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