Australian oil company optimistic about prospects in Maltese waters

Pancontinental Oil and Gas NL, an Australian oil company which has an interest in two large offshore permits for oil exploration in Maltese waters, early next year is expecting to conclude the interpretation of new seismic data on whether the areas in question hold any prospects of viable oil and gas reserves.

Speaking to The Sunday Times from Perth, the managing director of Pancontinental Oil and Gas NL, Andrew Svalbe, referred to his recent presentation at the company's annual general meeting held in Perth where he stated that the interpretation of the new seismic data "will hopefully confirm prospects having size to contain viable oil and gas reserves".

In his presentation, Mr Svalbe says that interpretation of the data was expected early next year, "which will be followed by preparation of farm-out packages and presentations to major European players".

Some months ago Pancontinental Oil and Gas NL had stated that existing seismic data had already suggested that Malta had "multiple potential for billion-barrel oil discoveries".

Existing seismic data suggest the presence of large individual target structures which are currently mapped to be 70 km2 in area extent, and ranging from 500 to 700 metres in thickness, giving large potential volume traps for hydrocarbon accumulations. Similar stacked reef mounds in adjacent Tunisian and Libyan waters are both prolific producers of both oil and gas and in major fields, such as Bouri in Libya, there are reported reserves of 2,500 million barrels of oil recoverable and 1.9 trillion cubic feet of gas recoverable.

These offshore Tunisian and Libyan fields are supported by a sophisticated pipeline infrastructure that is one of the principal suppliers of energy to European consumer countries, notably Italy, southern and central Europe.

Pancontinental Oil and Gas NL had stated that the aim of the new seismic programme was to further delineate the extent and nature of large stacked Lower Cretaceous to Eocene age reefal mound structures that have been previously confirmed by Afrex-Pancon's earlier seismic survey. The new seismic data are now being processed and interpreted to determine the prospects of those targets.