Junior explorer Mediterranean Oil & Gas (MOG) reported Tuesday that the Paul Romano (DW semisub) rig is on its way to the Hagar Qim 1 well location, offshore Malta.
MOG said that its partner in the well, Genel Energy, had informed it that the rig was accepted under contract on May 18 in Malta and that the rig is now sailing towards the well location.
Hagar Qim 1 lies in Block 7 of Area 4 to the south of Malta. The Hagar Qim prospect could hold up to 200 million recoverable barrels of oil, according to estimates.
MOG Chief Executive Dr Bill Higgs commented in a company statement:
"We are very excited about Hagar Qim and look forward to the imminent spud of this high-impact frontier exploration well. We will update shareholders once the results are known."
Have a news tip? Share it with Rigzone!
WHAT DO YOU THINK?
Click on the button below to add a comment.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
More from this Author
Most Popular Articles
From the Career Center
Jobs that may interest you