Mediterranean Oil & Gas (MOG) reported Wednesday that it has acquired a 40-percent interest in the Exploration Study Agreement covering Blocks 1, 2 and 3 of offshore Malta Area 3 alongside Cairn Energy.
Area 3 is located north of Malta in the Sicily Channel and covers an area of approximately 2,460 square miles. The two-year ESA includes geological studies, the reprocessing of existing 2D seismic data, the acquisition of new 2D seismic data and a limited amount of capital works. The ESA also provides the right to negotiate a production sharing contract and it can be extended to a third year to acquire 3D seismic data.
MOG Chief Executive Dr Bill Higgs commented in a company statement:
"We are very pleased to have completed this transaction with Cairn. This enables us to expand our footprint offshore Malta ahead of our exploration drilling in Area 4 later this year as MOG continues to geographically diversify exploration activities and capital spend. We look forward to working with Cairn to evaluate the exploration potential of Blocks 1, 2, and 3 of Area 3, which we believe could mirror the exploration opportunities demonstrated elsewhere in the Sicily Channel."
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