MOG Looks Forward to Malta Drill

Mediterranean Oil & Gas expects a busy second half to the year after the first six months saw slower-than-anticipated progress in Italy, the firm stated in an operational update Thursday.

As MOG reported July 12, despite earlier positive rulings its Ombrina Mare production concession award has been further delayed by the Italian Ministry of Environment. The company is now considering its next steps regarding the concession.

However, MOG highlighted "rapid and positive" developments offshore Malta in the Area 4, where it has a 25-percent interest. The company pointed out that the partners in Area 4 have secured the rig Paul Romano (DW semisub) for the drilling of the Hagar Qim 1 exploration well during the fourth quarter of this year. A well-site seabed survey completed by Fugro Ocean Seismica has also been completed and a contract signed with AGR Well Management for drilling support services, while all necessary equipment for the drill has been procured.

Meanwhile, MOG is on track to drill the onshore Italy Faseto exploration well be the end of 2013.

MOG also reported its net production for the second quarter was 265 million cubic feet of gas, which works out as 2.9 million cubic feet per day. This production was down 24.2 percent on that for the first quarter, partly due to the Guendalina Field well GUE-2ss having been shut in since March.

MOG said that the partners in the Guendalina field, which include ENI, are studying the feasibility of increasing production from the GUE-3ss well to compensate for the production shortfall.

MOG CEO Dr Bill Higgs commented in a company statement:

"The second quarter of the year has seen very significant progress with our activities in Malta as we get closer to the drilling of the Hagar Qim 1 exploration well with our partner Genel Energy. 
"Progress in Italy has been slower than anticipated and the continued challenges to conducting our activities reinforce our strategic objective to diversify our portfolio and areas of operations.
"As planned, we enter the second half of the year with major value driving events still ahead of us and we look forward to updating shareholders on progress."

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