Mediterranean Oil & Gas Plc is studying the results of a 3D seismic survey it carried out at the end of last year in an area south of Malta where it holds an oil exploration licence.

The exploration and production sharing agreement was signed with the Maltese government in 2008.

MOG is working through its Maltese subsidiary Malta Oil Pty Ltd, which commissioned Fugro-Geoteam Pty Ltd to undertake the survey in a 1,000 square kilometers rea in November and December. Results of the survey should be ready towards the end of the first quarter of this year.

Chief executive Sergio Morandi said: "This new 3D seismic data should allow the company to complete the assessment of the exploration potential of Area 4 offshore Malta. We are hopeful that the seismic survey will identify further prospects in the area and make the drilling of an exploration more attractive."

Having contracted a seismic services firm means that MOG retains its 90 percent interest in the licence and allows it to consider options following the seismic programme - including a drilling campaign.

MOG entered into its agreement with the Maltese government following an encouraging geological and geophysical pre-assessment of Area 4 undertaken by the company and its consultants.

Four prospects and five leads have been confirmed and delineated in the PSC area.

The total un-risked hydrocarbon potential of the PSC Area is estimated to be around 5 billion barrels of oil in place with the resultant total 'most likely case' un-risked prospective recoverable oil resources being about 1,500 MMbbls.