RWE Hires Fugro for Malta Survey
Global Petroleum Limited advises that RWE, as operator of the Company's Malta project, has contracted Fugro to acquire 700km of 2D seismic over prospects in Blocks 4 and 5 of Area 3, offshore Malta. The seismic survey is scheduled to begin in November and is expected to last for two weeks. It will be undertaken using the seismic vessel "Geo Atlantic." Magnetic and gravimetric data will also be acquired during the survey.
RWE Dea AG, who has farmed into Global's interest in the Exploration Study Agreement covering Blocks 4 and 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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