Oil explorer MedOil together with Scan Geophysics are expected to carry out 3D surveys in Malta and Tunisia between June and July this year, digitalook.com reports.
The aim of the survey is to help the company identify a major site for an appraisal well. It was also reported that the cost of the survey will be £2 million (around Lm1.26 million).
digitalook.com quoted the group as saying that when it will have the survey results in hand, it will get a deal with an oilrig to drill a well on the M'Sela oil accumulation. The group explained that it will then identify a location where it would be possible to explore.
The group also said that it is also expected to try to cooperate with potential farm-in partners. It noted that several major oil companies have already approached the group voluntary.
At the end of last year, a study carried out by technical consultancy group ECL forming part of MedOil, revealed that the Ragusa intra basin ridge offers a new and highly prospective oil play in Malta.
See also:
Petroleum study on Malta ‘Area 3’ positive
By Ruth Davies - Dec 8, 2005, 11:15 CET
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