As previously announced the seismic surveying vessel MV Geomariner of Seabird Exploration, has been commissioned to undertake approximately 1,000 line kilometers of 2D seismic in Area 4 offshore Malta. The seismic work is expected to be completed within two weeks with a view to identify drillable prospects.
Area 4 is located in an under-explored petroleum province, within Maltese waters between Libya and Malta, covering an area in excess of 5,000 km2 with water depths of around 400m.
Under the terms of the agreement with Malta Oil Pty Limited ("MOL"), a subsidiary of Mediterranean Oil & Gas plc, Leni Gas and Oil receives an entitlement to a full 20% interest in Area 4 and in the event that a Production Sharing Contract is granted pursuant to provisions of the Maltese Exploration Study Agreement, Leni Gas and Oil will have the right to further sole fund, 80% of the first exploration well cost to increase its participating Interest in Area 4 to 50% and MOL will maintain a participating Interest of 50% by funding 20% of the exploration well costs.
This initial campaign will be primarily directed towards increasing the understanding of some of the large prospects in the area covered by the Exploration Study Agreement. As announced on May 24, 2007, by the parent company of MOL, Mediterranean Oil & Gas PLC, 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 area south of Malta is an under-explored petroleum province related to an extension of the offshore Libyan and Tunisian proven hydrocarbon provinces.
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