Mediterranean Oil & Gas (MOG) and partner Leni Gas & Oil are gearing up to commence an exploratory drilling program offshore Malta in the southern part of the Maltese sector of the Mediterranean Sea.
Leni said that it is focused on assessing the viability of non-seismic surveys and acquiring additional seismic data in the area south of Malta ahead of starting to drill an exploratory well next year. It said that it and MOG have until July 2011 to drill an exploration well in compliance with their production sharing agreement with Malta's Resource Ministry.
"Four prospects and five leads on the 5,700 sq km PSC Area 4 have been delineated, with the total most likely hydrocarbon potential estimated at a gross 5 billion bbl of oil in place with resultant total most likely case prospective recoverable oil resources of 1.475 million bbl gross," Leni said. Its chairman, David Lenigas, adding, "'Malta is the company's only non-producing asset though it has company-maker potential with a billion-bbl resource base. During the reporting period, the company and the joint venture operator continued to progress the pre-drilling work program to improve the understanding of all drilling prospects. This work program continues to maximize the chance of success of the first Malta drilling target."
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