PCL 0.00% 0.3¢ pancontinental oil & gas nl

malta looks promising

  1. 1,747 Posts.
    This is from Sun Resources. They give a very optimistic outlook for Malta

    Regards M.

    Tuesday, 29 July 2003
    Australian Stock Exchange Limited
    Level 4, 20 Bridge Street
    SYDNEY NSW 2000
    Dear Sir/Ms,
    Sun Resources NL (“Sun Resources”) wishes to advise Shareholders that it has farmed into
    the offshore Malta Project (Area 4, Block 3 ESA* and Area 5 ESA) of Afrex Limited
    (“Afrex”) and Pancontinental Oil and Gas NL (“Pancon”). Sun Resources will pay a
    A$325,000 contribution to the cost of acquiring 2D seismic over targeted Lower Cretaceous
    to Eocene stacked reef mounds on the Pelagian Platform of the southern Mediterranean Sea
    to earn its 20% interest in the project.
    Sun Resources’ participation is conditional on Afrex-Pancon negotiating and being
    awarded by the Government of Malta a 770 square kilometre PSC# within undisputed
    Maltese waters in Area 5. Sun Resources has agreed to contribute 20% to any additional
    costs in obtaining the PSC.
    Sun Resources is attracted to the exploration potential of the area, particularly Area 5 as it
    has never been awarded for exploration by the Government of Malta because of as yet
    unresolved territorial sea boundaries between Malta and western adjoining Tunisia and
    southern adjoining Libya. Notwithstanding this, the area of the PSC lies in undisputed
    Maltese waters and covers highly prospective, large stacked Lower Cretacous to Eocene
    reef mound structures that have been delineated by Afrex-Pancon’s reconnaissance 2D
    seismic in the Area 5 ESA. This seismic followed up Afrex-Pancon’s interpreted
    indications of the presence of stacked reef mounds in a single line of regional seismic
    which was run through the block by a large oil major several years ago as a well tie, to
    assist that company’s interpretation of seismic data in a block to the east of the current
    project area. The Afrex-Pancon seismic data suggests the individual target mounds are of a
    large size, ie > 70 square kilometres in areal extent, with the added dimensions of
    considerable depth (500 to 700 metres in extent) giving large potential volume targets for
    accumulations of hydrocarbons.
    Admin/Sun Resources/Malta/ASX 29 July 03.doc
    Similar stacked reef mounds in adjacent Tunisian and Libyian waters contain large reserves
    (250 to 2,500 million barrels of oil recoverable range) of 35 to 40° API oil. These reef
    mounds are prolific producers of both oil and gas and the major fields, such as Bouri in
    Libya (2,500 million barrels of oil recoverable /1.9 trillion cubic feet of gas recoverable)
    principally supply European consumer countries, notably Italy and France.
    The current aim of the joint venture on final documentation and award of the PSC is to
    complete the acquisition, processing and interpretation of the seismic by early 2004 so that
    a major target reef mound prospect can be drilled in the latter part of 2004.
    Yours sincerely
    Dr Brad L Farrell
    * “ESA” is a Exploration Study Area
    # “PSC” is a Production Sharing Contract for a six year period.
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