malta now back in play?, page-3

the Cableguy,

It would be nice if there could be some type of agreement with Libya and Tunisia and Malta agreeing to a Joint Development Zone in this area.

If that's a no-go, then technically both the Chianti Prospect in Area 5 and the Area 4 Block 3 are in Malta waters.

Kennedy should push to develop the Chianti Prospect and relinquish the other areas in block 5 that may fall within Tunisian or Libyan waters.

I've read in the past thatChianti is a world class prospect, an Elephant Field, thought by many to contain at least a billion barrels of oil.

From Pancon's website "
Malta - Southern Offshore
Area 5, Area 4 Block 3 (80%)


Joint Venture partners: Sun Resources (20%).

The total area of the Malta project is approximately 14,800 sq. km. The JV has identified a number of large prospective features which are geologically similar to those hosting producing oil and gas fields in neighbouring offshore Tunisia and Libya.

The area is currently subject to boundary discussions between Malta, Libya and Tunisia, however the main prospects are in an area only ever claimed by Malta. Exploration activities have been suspended due to the boundary matters.

In late May 2009, without any prior warning, Pancontinental received a letter from the OED claiming that the ESA expired in August 2008. Pancontinental wrote to the Department disputing the expiry of the ESA and has obtained legal advice in Malta.

Pancontinental has since been invited to discuss the matter with the Malta Resources Authority and the Ministry.

Active communications with the Maltese authorities are progressing and the Company is seeking a means of restarting exploration in the licence area as soon as possible. "