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Friday, 05 December, 2008, 17:10 GMT | more >>

MOG takes Medjerda slice



By Upstream staff 

Mediterranean Oil & Gas (MOG) subsidiary Malta Oil is set to buy a 25% stake in Tunisia's Medjerda block from Carthago Oil.

MOG said Malta will free carry Carthago for 10% of the costs of first and second wells to be drilled on the licence, seismic and related works. Malta's total liabilitywill be capped at $1 million.

If a commercial discovery is made, MOG will pay either 25% of the investment Carthago had pumped into the block or $2 million, whichever is smaller.Malta Oil will also pay a fee to Carthago if a commercial discovery is made on the block in which there are oil seeps.

Aside from Carthago, Mediterranean’s partners in the production sharing contract would be operator Range Petroleum and state oil company Etap.

The first probe to be drilled late this year will probably target the Teboursouk prospect which has possible reserves of more than 100 million barrels of oil.

Nanes Delorme was the sole advisor for the deal.


Wednesday, 29 March, 2006, 14:20 GMT  | last updated: Friday, 31 March, 2006, 12:36 GMT

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