Processing of this data, and associated gravity and magnetic data, has now begun as well as the reprocessing of existing seven-year-old 2D seismic, Global said in a statement this morning.
In addition, the Maltese Government has granted the partners a three-month extension for the ESA, covering Blocks 4 and 5 of Area 3, until March 31. In addition, RWE’s option date for entering a production-sharing contract has been extended to this date.
RWE, which has farmed-in to Global’s interest in the ESA, has the right to earn up to 70% interest if the parties enter a production-sharing contract with the Maltese Government and RWE commits to drilling a well after the seismic program.
If RWE decides to drill the well, the costs associated with Global’s equity in Block 4 and 5 will be carried by RWE for the drilling.
Global’s Malta blocks are in the southern region of the Ragusa Trough, which extends south from Sicily and contains the Vega oil field in the Italian part of the basin. The blocks contain several leads, which was the main focus of the 2D seismic program.
Current interests in Block 4 and 5 are Global (80%) and operator RWE (20%).