The 3D seismic survey work program is being managed by strategic partner TGS-NOPEC ("TGS"), the international seismic acquisition and processing company. On MedOil's behalf, TGS will conduct a 600 sq. km. 3D seismic survey to accurately map the oil volume potential of the M'Sela -1 'Abiod Formation' oil discovery. The survey will also cover four other separate exploration prospects in the area, and a potentially large stratigraphic trap in the 'Isis Formation' which tested oil in the discovery well and was the producing strata in the nearby Isis oil field.
The program is designed to add confidence to the technical analysis of the defined prospects; determine the location of a near-term appraisal drilling program around the oil discovery; and examine the upside potential of the M'Sela stratigraphic oil trap.
The seismic vessel carrying out the survey is owned by Norwegian-based Scan Geophysical Co. The vessel, called Scan Resolution, was recently upgraded at the Szczecin shipyard in Poland. As long as weather conditions remain fair, it will acquire 20 square kilometers per day of data and the survey will take 4-6 weeks to complete.
Regarding activities in Malta, MedOil remains in negotiations with the Maltese authorities for a one year extension period to the original Exploration Study Area (ESA) agreement.
Commenting on today's update, MedOil's Chief Executive Officer, David Thomas, said: "We are delighted that the seismic survey has commenced. The acquisition of the 3D technical data should provide some important results for MedOil, and we look forward to updating the market in the coming months. Meanwhile, the Company continues to pursue high impact exploration targets in the Mediterranean area."
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