MOG contracts AGR for offshore Malta well

Mediterranean Oil & Gas Plc (AIM: MOG) has signed a service order with AGR Well Management for a rig to drill a well offshore Malta.

Offshore staff

ROME – Mediterranean Oil & Gas Plc (AIM: MOG) has signed a service order with AGR Well Management for a rig to drill a well offshore Malta.

The company aims to start drilling theHagar Qim 1 well in Malta’s Offshore Area 4 license this fall.

AGR will provide a range of well management services including rig procurement, drilling engineering and planning services, supply chain management, and operations support.

Genel has approval to farm into the license by acquiring MOG’s 75% stake in Phoenicia Energy Co.

An EIA commission, appointed by Italy’s Ministry of Environment mission, has ruled positively in MOG’s favor concerning its application in 2009 for a production concession for theOmbrina Mare oil and gas field in the central Adriatic Sea.

MOG now awaits final Ministerial Decree approval of the Ombrina Mare environmental impact assessment that was submitted in support of the original application.

Once all official signatures are in place, the company can seek award of the d30 BC MD Ombrina Mare production concession from the Ministry of Economic Development. The Ministry has already granted technical approval of the field development plan.

Approvals would allow MOG to start by drilling of a pilot development well on the field, in 20 m (65 ft) water depth and 4 mi (6.4 km) offshore. Recoverable reserves are estimated at 40 MMbbl of oil and 6.5 bcf (184 MMcm) of gas.

2/22/2013

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