Genel has begun drilling operation on its Hagar Qim 1 well, offshore Malta, a partner in the block has reported.
Mediterranean Oil & Gas has received formal notification from Phoenicia Energy Company Ltd (a wholly owned subsidiary of Genel Energy plc), the operator of Malta Block 7 of Area 4, that the semi-submersible rig ‘Noble Paul Romano’ has been secured on location and that the Hagar Qim 1 well spudded at 08:00 hours on 24 May 2014.
The well, located approximately 130km south of Malta in c.450m of water, is anticipated to take a minimum of 2 to 3 months to complete operations.
The Hagar Qim well is the 11th well to be drilled offshore Malta. The last exploration well that was drilled was the Lampuko well in 2002. Noble Paul Romano semi-submersible drilling rig is being used for the operation.
Rockhopper Exploration last week launched a takeover offer for Mediterranean Oil & Gas (MOG). The initial consideration offer values the entire issued and to be issued share capital of MOG at approximately £29.3 million. However, as part of the initial offer, Rockhopper ascribed no value to the Hagar Qim Exploration Well, but instead, it is offering an element of contingent consideration depending on the success of the well targeting the Hagar Qim prospect in Offshore Malta Area 4, Block 7. This well is targeting 27 million barrels of certified mean prospective resources net to MOG and is expected to reach the target reservoir during Q3 2014.