| 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.
Pancontinental has been in communication with the Ministry of Resources and Rural Affairs of Malta to allow exploration of the area to recommence when the border issues have been resolved.
In late May 2009, without any prior warning, Pancontinental received a letter from the OED claiming that the ESA expired in August 2008. Pancontinental has written to the Department disputing the expiry of the ESA and is seeking legal advice from a firm of Maltese lawyers.
