Mediterranean Oil & Gas has increased its holdings offshore Malta after acquiring a 40% working interest in the Area 3 Exploration Study Agreement (ESA).
The agreement covers blocks Blocks 1, 2 and 3 and is in partnership with Cairn Energy subsidiary Capricorn Malta, the operator with 60% equity interest.
Blocks 1, 2 and 3 of Area 3 are north of Malta in the Sicily Channel and cover about 6400 sq km.
The ESA, lasting two years from December 2012, includes geological studies, the reprocessing of existing 2D seismic data, the acquisition of new 2D seismic data and limited capital works.
It could lead to a production sharing contract and it can be extended to a third year to acquire 3D seismic.
Mediterranean Oil & Gas already holds acreage in Area 4, offshore Malta, and is planning exploration drilling in this area later this year.
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