Paul Romano Rig on its Way to Drill Hagar Qim Well
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."
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