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Possible 2bn Barrel Oil Find In Maltese Waters

from Maltamedia.com

01 May 2000

This story is reproduced by kind permission of MaltaMedia at http://www.maltamedia.com/maltanews/index.html


Potential two billion barrels of oil in Maltese waters


One of the two Australian companies which have been carrying out offshore oil exploration, published official results stating that the amount of recoverable oil in Maltese territorial waters could amount to two billion barrels. This was reported in The Malta Independent on Sunday.

The results were published on April 20 by the president of Golden Gate Resources Ltd John Tarrant. The company is conducting offshore oil exploration of Maltese waters with another Australian company – Hardman Resources Ltd. Over the last 18 months this consortium has been exploring four prospective oil fields, all situated 60 kilometres east of Malta. Oil deposits ranging between 800 million to two billion barrels are normally considered to be extremely large and productive.

Other international oil exploration firms are also conducting studies in other areas in Maltese waters.

In 1998 oil exploration was being conducted in Kercem, Gozo, however this did not yield positive results.

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