5th Jun 2007 13:06
Leni Gas & Oil PLC05 June 2007 5 June 2007 LENI GAS & OIL PLC (the "Company" or "Leni Gas & Oil") Commencement of Seismic work in Area 4, Offshore Malta Leni Gas & Oil, an oil and gas exploration and development company, announcesthat the MV Geomariner of Seabird Exploration has begun 2D seismic work in Area4, off-shore Malta. As previously announced the seismic surveying vessel MV Geomariner of SeabirdExploration, has been commissioned to undertake approximately 1,000 linekilometres of 2D seismic in Area 4 off-shore Malta. The seismic work is expectedto be completed within two weeks with a view to identify drillable prospects. Area 4 is located in an under-explored petroleum province, within Maltese watersbetween Libya and Malta, covering an area in excess of 5,000 km2 with waterdepths of around 400m. Under the terms of the agreement with Malta Oil Pty Limited ("MOL"), asubsidiary of Mediterranean Oil & Gas plc, Leni Gas and Oil receives anentitlement to a full 20% interest in Area 4 and in the event that a ProductionSharing Contract is granted pursuant to provisions of the Maltese ExplorationStudy Agreement, Leni Gas and Oil will have the right to further sole fund, 80%of the first exploration well cost to increase its participating Interest inArea 4 to 50% and MOL will maintain a participating Interest of 50% by funding20% of the exploration well costs. This initial campaign will be primarily directed towards increasing theunderstanding of some of the large prospects in the area covered by theExploration Study Agreement. As announced on 24 May 2007 by the parent companyof MOL, Mediterranean Oil & Gas PLC, the previously identified prospects atHagar Qim, Skorba and Tarxien together with the newly identified prospects,particularly Luzzu, provide best estimate prospective resources of 1.5BBstb andbest estimate STOIIP of 5.7BBstb. High estimate STOIIP exceeds 14.0BBstb on thepermit. The offshore area south of Malta is an under-explored petroleum province relatedto an extension of the offshore Libyan and Tunisian proven hydrocarbonprovinces. Enquiries: Leni Gas & Oil PlcDavid Lenigas Tel: +44 (0)20 7016 5100Jeremy Edelman Tel: +44 (0)20 7016 5100 Beaumont CornishRoland Cornish Tel: +44 (0)20 7628 3396Rosalind Hill Abrahams Tel: +44 (0)20 7628 3396 Pelham PRCharles Vivian Tel: +44 (0)20 7743 6672Evgeniy Chuikov Tel: +44 (0)20 3008 5506 QUALIFIED PERSON The information regarding Area 4 off-shore Malta and the previously identifiedprospects at Hagar Qim, Skorba and Tarxien together with the newly identifiedprospects, particularly Luzzu, is extracted without material adjustment from the announcement made by Mediterranean Oil & Gas PLC ("MOG") on 24 May 2007 andwhich was reviewed for MOG by Giovanni Catalano. Giovanni Catalano (a director of MOG) holds a masters degree in geology and hashad over twenty-five years in the upstream oil and gas industry. His lastposition held was with Woodside Energy Pty Ltd, Perth, Western Australia as Business Development Manager - Far East. Prior to Woodside (where he was forseven years), Mr Catalano was with AGIP for nine years and LASMO Internationalfor eleven years. He is a former Director of Woodside Energy UK and AGIP Mauritania BV companies and former Chairman of Woodside Energias SA in Spain. Hecompiled, read and approved the technical disclosure in the announcement madeby MOG on 24 May 2007. The technical disclosure in that announcement compliedwith the SPE/WPC standard. Glossary Stb/BBstb - Stock tank barrels /Billion stock tank barrels STOIIP - Stock tank oil initially in place This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
CERP.L