Mediterranean, Leni plan 2009 Malta PSC work
The Maltese government has approved Mediterranean Oil & Gas PLC's proposed 2009 work program with its joint venture partner Leni Gas & Oil PLC.
LONDON, Oct. 27 -- The Maltese government has approved Mediterranean Oil & Gas PLC's proposed 2009 work program with its joint venture partner Leni Gas & Oil PLC.
The companies signed a production-sharing contract with the government that covers Area 4, Blocks 4, 5, 6, and 7 off Malta. They will spend $2.5 million to gather electromagnetic and gravity data, reprocess 3D seismic, and acquire and interpret nonseismic data to enhance their understanding of the four prospects and five leads on their acreage.
The first well is expected to be drilled in 2010-11 in southern Malta.
The PSC covers 5,700 sq km. The JV estimates that there are 5 billion bbl of oil in place, with 1,475 million bbl recoverable.
David Lenigas, Leni Gas & Oil's executive chairman, said: "The previous technical assessment on the Malta acreage showed very encouraging results and several high value prospects and leads."
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