Seabird to Conduct Offshore Malta Survey for Mediterranean
Mediterranean Oil & Gas Plc has executed a letter of award with Seabird Exploration's seismic surveying vessel M/V Geo Mariner for the acquisition of approximately 1,000 line kilometers of 2D seismic in Area 4 offshore Malta.
M/V Geo Mariner is expected to arrive in Malta on May 20, 2007.
This initial campaign will be primarily directed toward increasing the understanding of some of the large prospects in the area covered by the Exploration Study Agreement (ESA). The ESA covers blocks 4, 5, 6, and 7. The previously identified prospects at Hagar Qim, Skorba, and Tarxien, together with the newly identified prospects, particularly Luzzu, provide best-estimate prospective resources of 1.5BBstb and best estimate STOIIP of 5.7BBstb. High estimate STOIIP exceeds 14.0BBstb on the permit.
The offshore south of Malta is an under-explored petroleum province related to an extension of the offshore Libyan and Tunisian proven hydrocarbon provinces.
The Maltese authorities have approved the recently announced farmout agreement with Leni Gas & Oil PLC, which is now unconditional.
Under the terms of the agreement, Leni receives an entitlement to a full 20% interest in Area 4. In the event that a Production Sharing Contract is granted pursuant to provisions of the Maltese
Exploration Study Agreement, Leni will have the right to further solely fund 80% of the first exploration well cost to increase its participating Interest in Area 4 to 50%; MOL would maintain a participating interest of 50% by funding 20% of the exploration well costs.
- Rockhopper 'Well Placed' to Take Advantage of Low Oil Price (Sep 15)
- Hagar Qim Rig Completes Drilling (Jul 09)
- Eni Sees Further Problems at Guendalina Field (Jun 19)
Company: SeaBird Exploration more info
- SeaBird Exploration, Lundin Design 2D Survey Over Barents Sea (Sep 09)
- SeaBird Exploration to Stack Munin Explorer Vessel (Aug 06)
- SeaBird Warns of Continued Weakness in the Seismic Market (Feb 27)
Company: Leni Gas & Oil plc more info
- Leni Sees Goudron Well Flow at 700 Barrels per Day (Sep 17)
- Leni Drills 5th Well in Trinidad Development Campaign (Aug 21)
- Leni Appoints New Finance Director (Aug 07)