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Agreement, Off Shore Malta
- August 2012
Highlights of the Malta Transaction:
Genel is to acquire 75% of PECL's interest in its Area 4 (Blocks 4, 5, 6 and 7) Offshore Malta Production Sharing Contract ("PSC") for the following consideration:
is to remain as operator until completion of the first exploration
well, at which time Genel can elect to become the operator, or at
such later date as the parties may agree.
In addition to the Malta Transaction, MOG has signed an Area of Mutual Interest agreement ("AMI") with Genel to cooperate in acquiring exploration and production assets in the offshore basins of Libya, Tunisia and Malta for a minimum term of three years. The equity in any asset acquired within the AMI will be shared on the basis of 20% to MOG and 80% to Genel.
The proposed Malta Transaction, targeted by the parties to be completed by the end of October 2012, is conditional upon receipt of approval by the Maltese Minister for Resources and Rural Affairs, together with the grant of a minimum one year extension of the first phase exploration period of the Malta Area 4 licence.
We anticipate further announcements shortly at the completion of other successful transactions where Stellar has acted as the sole advisor.
Stellar was the sole advisor to Mediterranean Oil & Gas plc.