License to explore oil

Malta's government has awarded a licence to Canadian company Heritage Oil Corp. to explore for oil and gas in two offshore areas. From Reuters:

Malta has so far been unsuccessful in oil exploration, despite being flanked by Italian and Libyan oilfields. Maltese Resources Minister Ninu Zammit said on Friday the Calgary-based company would explore two areas, south and southeast of Malta, with a total area of 18,000 sq km.

Under the 30-year deal the company will spend at least $22 million in the first three years of the contract with the focus initially on seismic work.Should oil or gas be found, production will be shared between the company and the government.