ROME – Melita Exploration Co. has acquired a 40% interest in an exploration study agreement (ESA) related to three blocks offshore Malta.
Cairn Energy subsidiary Capricorn operates offshore blocks 1, 2, and 3 in Malta Area 3. All are north of Malta in the Sicily Channel and cover a total area of roughly 6,400 sq km (2,471 sq mi), with numerous prospective leads.
The ESA, which started last December, has an initial two-year period that calls for geological studies, reprocessing of existing 2D seismic data, acquisition of new 2D data, and other programs. The ESA partners have the right to negotiate a production-sharing contract, and the term can be extended to a third year to acquire 3D seismic.
Melita is a subsidiary of Mediterranean Oil & Gas.