Business
Exploration update - Malta
Exploration update - Malta.
About this update from Geo Exploration Limited
[{"type":"text","content":"\n Global Petroleum Ltd\n09 January 2007\n\n\n9 January 2007\n\n Exploration Study Agreement - Blocks 4&5 of Area 3, Offshore Malta\n\nGlobal Petroleum advises that the Joint Venture Parties, RWE Dea AG (20% and\nOperator) and Global Petroleum Limited (80%) have just completed the acquisition\nof 852 km of 2D seismic over the ESA Area and has commenced the processing of\nthis data and associated gravity and magnetic data as well as the reprocessing\nof the 2D seismic data recorded in 2000.\n\nThe Malta Government has agreed to a three month extension to 31st March 2007 of\nthe Exploration Study Agreement covering Blocks 4 & 5 of Area 3, Offshore Malta.\nThe Option Date (for entering into a PSC) under the Farmin Agreement with RWE\nDea AG has also been extended to 31st March 2007.\n\nRWE Dea AG, who has farmed into Global's interest in the Exploration Study\nAgreement covering Blocks 4 & 5, has the right to earn up to a total 70%\ninterest if the parties enter into a PSC with the Malta Government and RWE\ncommits to the drilling of a well following the completion of the seismic\nprogram.\n\nCurrent interests in Blocks 4 & 5 are:\n\n* Global Petroleum Limited 80%\n* RWE Dea AG 20%\n\nIf RWE proceeds to the drilling of a well, the costs associated with Global's\nequity in Blocks 4 & 5 will be carried by RWE for all activities through the \ndrilling of the well.\n\nFor further information, refer also to Global's release dated 23 June 2006 and\nGlobal's website: www.global-petroleum.co.uk\n\nDr John Armstrong\nExecutive Chairman\nTelephone: +61 7 3211 1122\nFax: +61 7 3211 0133\n\nWeb: www.global-petroleum.co.uk\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n \n ","length":2078,"tagName":"div"}]