Forgive me if I sound ignorant in asking this, but will we receive a judgment next week, or will evidence be balanced out by judge who will go away to have a full written judgment in a months or so time. I'd suspect the former as it's not the most complicated of cases, however I keep hearing the importance of this case on future commercial misrepresentation cases - "opening up the can of worms" etc. Someone with the knowledge please do enlighten
but as gooba said, unless someone else previously drilled there and found oil then its definitely not a given. The industry percentage for hitting oil on a virgin drill is 11% and for this to be commercially viable , it drops to 6%. so I would think the people on the street are doing some wishful thinking IMO
This is what was written yesterday: "An exploratory well is about to be drilled 130km to the south within a few weeks, with results due by as early as July, Infrastructure Minister Joe Mizzi said today. Speaking during the Economist Business Roundtable at the Hilton, which was attended by over 300 of the key decision-makers in Malta, Mr Mizzi said he firmly believed that there was petroleum in commercial quantities. Although there have been numerous attempts to find commercially viable gas and oil, this was the first time a well was being drilled in over 200m deep waters. The government offered a number of incentives to companies to drill in ‘deep water’, with a 50 per cent investment allowance to recoup their investment if oil or gas were found. The minister also said that seismic surveys were being held to check oil and gas prospects that might have been overlooked in the past. He said that if the results were positive, the government would then have to negotiate a licence. The director general within his ministry, Albert Caruana, explained that there are two forms of agreement for licensing in Malta either through an exploration agreement or through a production sharing contract. Companies normally first enter into an exploration agreement to carry out seismic exploration and evaluate the acreage and if the results are positive then they convert to a production-sharing contract. Mr Caruana said that Cabinet last week approved the overhaul of the Continental Shelf Act which was long overdue, as well as on the Production Act which would be revised to bring it in line with industry practice."
Datafeed and UK data supplied by NETbuilder and Interactive Data.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.