Rig Secured for Malta Area 4 Drill

Mediterranean Oil & Gas (MOG) reported Thursday that its partner Genel Energy has secured the Paul Romano (DW semisub) rig to drill an exploration well offshore Malta Area 4 during the fourth quarter of 2013.

The Paul Romano rig, which Genel has contracted with Noble Corporation, is currently undergoing a five-year class survey in Valleta, Malta. It has a rated water depth of up to 5,900 feet and is capable of drilling to depth of approximately 24,600 feet.

The rig will be used to drill the Hagar Qim 1 exploration well in Area 4 in water depths of up to 1,500 feet and will target reservoirs at a depth of approximately 8,200 feet. MOG(which has a 25-percent interest in Area 4) and Genel are seeking gross prospective resources in the Lower Eocene/Paleocene that are estimated at 109 million barrels of oil equivalent.

MOG Chief Executive Dr Bill Higgs commented in a company statement:

"We are very pleased to be able to reach agreement with Genel to use the Noble Paul Romano for the drilling of our joint exploration well offshore Malta later this year.  We are excited to progress the exploration of this frontier basin offshore southern Malta."