MOGL Continues Prepping for Hagar Qim 1 Spud

Mediterranean Oil & Gas Plc (MOGL) announced Monday that it has signed a service order with AGR Well Management for the provision of drilling engineering and rig procurement support for the drilling of the Hagar Qim 1 well, forecast to be spud in 4Q 2013 pending sourcing a rig for the operations.

MOGL also confirmed it has received clearance from HM Revenue and Customs in respect of the application of the substantial shareholding exemption to the sale by the company of 75 percent of its shareholding in Phoenicia Energy Company Ltd to Genel Energy plc. Completion of the transaction is expected at the end of this month.

MOGL Chief Executive Dr. Bill Higgs commented in a company statement:

"We are continuing to prepare for the drilling of Hagar Qim 1 in late 2013 and we are pleased to be working with AGR on this important phase of the project. AGR has a proven track record of providing drilling support services to Operators conducting exploration drilling activities. The closing of the transaction with Genel will enable our team to fully dedicate its time to preparing for the drilling operations offshore Malta."

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