By OGJ editors
HOUSTON, May 23 -- Private Calgary independent Storm Ventures International Inc. granted a seismic option to Madalena Ventures Inc., Vancouver, BC, on the 1.1 million acre Hammamet offshore exploration block in the Mediterranean.
The block contains the previously developed Tazerka oil field, which produced 25 million bbl of oil, and eight nearby oil discoveries, two of which other operators plan to develop in 12-18 months. All are in the Pelagian basin.
Storm won the block in September 2005 for 5 years under favorable fiscal terms.
Madalena will participate for 30% working interest in 200-500 sq km of 3D seismic acquisition and will have the option to participate for 30% in the drilling of a well to earn 15% working interest and the right to participate in future development.
Aims of the 3D program are to evaluate reactivation of Tazerka, delineate seven hydrocarbon shows in other wells, evaluate three previously recognized large, untested structures, and high-grade the most prospective test well location for drilling in 2007.
