Malta acreage propsective for oil

Offshore staff

ROME, Italy -- Mediterranean Oil and Gas has identified six potentially large oil prospects on its acreage offshore Malta. The company commissioned numerous technical studies over the recently awarded permit area, including reinterpretation of existing seismic.

Findings to date suggest the six new structures could hold combined recoverable reserves of 1.13bbl.

The company plans to acquire and re-process further seismic data next year to improve its understanding of the geology in the area. It is also seeking to bring larger oil and gas companies into its permits with the expertise and resources to manage a drilling campaign.

12/02/2006