Offshore staff
ROME – Phoenicia Energy Co. has agreed to acquire a 10% stake in a concession offshore Malta.
Assuming approval from Malta’s Minister for Resources and Rural Affairs, Phoenicia (a subsidiary of Mediterranean Oil and Gas) would pay Leni Gas and Oil Investments $1 for the transferred interest in theOffshore Area 4 PSC.
It would also assume liability for Leni’s residual costs of $19,050 from the acquisition of 3D seismic data in 2011.
The acquisition would give Phoenicia a 100% controlling interest in the concession.
Chief executive Dr. Bill Higgs said: “We believe this will help to facilitate the current farm-out process in respect of the license, which we aim to complete prior to 4Q 2012, and will enable us to more effectively pursue the further exploration of the license with the drill bit.”
8/1/2012
