Malta grants offshore licenses to Heritage
Offshore staff
VALLETA, Malta –The government of Malta has awarded two offshore tracts totaling 18,000 sq km (6,950 sq mi) to Heritage Oil International Malta Ltd. Areas 2 and 7 are south and southeast of the island.
The production sharing contract calls for a signing bonus of $2 million plus spending of $22 million in the first three years of the contract. The first six years of the 30-year contract are allocated to exploration.
12/18/2007