RPS' updated study included a review of the volumetric estimation of the prospective resources and oil in place on both the prospects identified in the Competent Person's Report which was contained within the Company's Admission Document and new prospects within Blocks 4, 5, 6 and 7.
The more significant of the new prospects fall outside of the area covered by 3-D seismic. Consequently further work needs to be done to assess these prospects and in particular to establish the degree of fault seal risk and the potential access to the main predicted mature kitchen. A volumetric appraisal of the new prospects was prepared by RPS utilising a Metlaoui analogue.
Two smaller prospects (denominated "D" and "E") lie within the area that has been subjected to 3-D seismic. The remaining new prospects (Luzzu, A, B and C) are outside of the 3-D seismic area and consist of large wedge closure between intersecting faults in the case of the Luzzu prospect and three narrow horst structures in the case of prospects A, B and C. In addition, 2 wedge closures similar to the Luzzu prospect are visible close to the north west and south west corners of a 3-D survey area but are less well defined and smaller, hence they have been considered leads rather than prospects and have not presently been evaluated.
An additional academic regional study prepared for the Company supports the presence of a working hydrocarbon system in the region and is consistent with the specific findings in the work performed by RPS. This regional study concluded there are favorable conditions for hydrocarbon accumulation within the Company's concession. The most attractive zone is localised within the Melita – Medina Graben which separates the Medina Bank from the northern extension of the Melita Bank. The Stratigraphic and structural setting of the Graben makes it particularly prospective.
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