The Malta Government has agreed to a three-month extension to 31st March 2007 of the Exploration Study Agreement covering Blocks 4 & 5 of Area 3, Offshore Malta. The Option Date (for entering into a PSC) under the Farmin Agreement with RWE Dea AG has also been extended to 31st March 2007.
RWE Dea AG, who has farmed into Global's interest in the Exploration Study Agreement covering Blocks 4 & 5, has the right to earn up to a total 70% interest if the parties enter into a PSC with the Malta Government and RWE commits to the drilling of a well following the completion of the seismic program.
Current interests in Blocks 4 & 5 are:
--Global Petroleum Limited, 80% --RWE Dea AG, 20%
If RWE proceeds to the drilling of a well, the costs associated with Global's equity in Blocks 4 & 5 will be carried by RWE for all activities through the drilling of the well.
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