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Maltese extension
Posted 01.06.2011 09:59:45 av John Bradbury
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Junior Mediterranean explorer Leni Oil and Gas has gained an extension to its exploration licence covering blocks offshore Malta.

Leni, which holds 10% equity in Maltese exploration area 4, covering blocks 4, 5, 6, and 7, has been granted an 18-month extension to the Production Sharing Contract governing the area by the Maltese government.

The extension to January 2013 depends on payment of a US $300,000 bonus, acquisition of 1,000 square kilometres of 3D seismic data by January next year and payment of a further $5 million if an exploration well is not drilled by January 2013.

Four prospects and five leads have been identified in the region by Leni and its partners, and they have estimated reserves of 5 billion barrels of oil and recoverable reserves of 1.475 bn bbls.
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