Oil company prepares for drilling off Malta

Leni Gas and Oil which shares an oil exploration license off Malta with Mediterranean Oil and Gas (MOG) said it remained focused on the viablility of drilling in an area off the south of Malta resulting from seismic data and non-seismic surveys.

1 October 2010, 12:00am
by Rachel Zammit Cutajar

1 min read

Company representatives from Leni Gas and Oil as well as Mediterranean Oil and Gas have discussed work programme progress with the Ministry of Resources in June and have committed to commence drilling by July 2011, according to statement to the London Stock Exchange.

"Malta is the company's only non-producing asset though has company-maker potential with a billion barrel resources base. During the reporting period, the company and the joint venture operator continued to progress the pre-drilling work programme to improve the understanding of all drilling prospects. This work program continues to maximise the chance of success of the first Malta drilling target," Leni's chairman, David Lenigas said in his report.

Leni Gas and Oil has reported profits of £227,000 in the first six months of 2010.

Rachel Zammit Cutajar graduated in economics from the University of Malta...