Genel Energy writes off Malta, Angola, Morocco programs
Genel Energy says it will pull out of its drilling programs offshore Malta, Angola, and Morocco and record a non-cash exploration write-off of around $480 million in its 2014 accounts.
The Hagar Qim-1 well on the Area 4 license offshore Malta was drilled to the Eocene before being P&A’d with no indication of hydrocarbons.
TheNoble Paul Romanothenmoved to the Nour prospect where the well targeted prospective resources of 300 MMbbl at a 20% probability of success.
In June 2014, theStena Carronspudded an exploration well on the Dilolo prospect in block 39 offshore Angola.
All prospects were P&A’d by the company and its respective partners after failing to encounter pay or continuous flow.