14 Nov 2011 09:35
Immediate Release
14 November 2011
Leni Gas & Oil PLC
("LGO" or the "Company")
Malta Update
Leni Gas & Oil plc today announces plans to acquire an additional 1,000 km sq of 3D seismic in Area 4, offshore Malta.
Mediterranean Oil and Gas plc as operator of the Area 4 PSC ("PSC") has contracted Fugro-Geoteam Pty Ltd to acquire the additional data using the vessel R/V Geo Barents which is presently mobilising to the location and is expected to commence acquisition around the 16 November 2011.
LGO owns a 10% interest in the PSC covering Blocks 4, 5, 6 and 7 offshore Malta adjacent to the internationally recognised border with Libya. The PSC was recently extended until 2013 and the additional seismic data was agreed in order to fully define a drilling prospect. Processing of the 3D will commence immediately after acquisition, which is anticipated to take about 30 days to complete, and will be available for interpretation in late 1st quarter 2012.
A number of prospects and leads have already been mapped within the PSC using existing 2D and 3D seismic data, with most likely unrisked prospective recoverable resources of oil totalling 1.5 billion barrels. The most mature prospects are located in Block 7 close to the Libyan pelagic basin and are the target of the new seismic data acquisition.
Neil Ritson, LGO's Chief Executive commented: "We are pleased to report progress towards drilling in Malta. Area 4 is surrounded by proven petroleum basins in Libya, Tunisia and Italy and we look forward to evaluating the new data ahead of selecting a possible drilling location in this prospective area of the Mediterranean."
Competent Person's Statement:
The information contained in this announcement has been reviewed and approved by Neil Ritson, Chief Executive Officer and Director for Leni Gas & Oil Plc who has 35 years of relevant experience in the oil industry. Mr. Ritson is a member of the Society of Petroleum Engineers, an Active Member of the American Association of Petroleum Geologists and is a Fellow of the Geological Society of London.
Enquiries
Leni Gas & Oil plc
David Lenigas Neil Ritson | +44 (0)20 7440 0645
|
Panmure Gordon
Katherine Roe | +44 (0) 20 7459 3600 |
Hannah Woodley |
Shore Capital
Pascal Keane +44 (0) 20 7408 4090
Jerry Keen
Pelham Bell Pottinger
Mark Antelme | +44 (0) 20 7861 3232 |
Henry Lerwill |
Beaumont Cornish Limited
Rosalind Hill Abrahams Roland Cornish | +44(0) 20 7628 3396 |
Glossary
2D - two-dimensional
3D - three-dimensional
PSC - petroleum sharing contract
km sq - square kilometres