MOG has reached agreement with Genel Energy to enable the deep-water semi-submersible drilling rig, the 'Paul Romano', which Genel has contracted with Noble Corporation, to drill one exploration well offshore Malta Area 4 in the fourth quarter 2013. The Paul Romano, will drill the Hagar Qim 1 exploration well in water depths of approx. 450 metres and will target reservoirs at a depth of approx. 2,500 metres. The exploration well is to target unrisked likely gross prospective resources in the Lower Eocene/Paleocene of 109 million barrels of oil equivalent (27 million barrels of oil equivalent net to MOG).

The Paul Romano, which is currently undergoing a five year class survey in Valletta, Malta, has a rated water depth of up to 1,800 metres and is capable of drilling to a depth of approx. 7,500 metres. The survey will also include preparation for the installation of a fifth ram to the blow out preventer to comply with latest best practice guidance for deep water operations. The upgraded blow out preventer will be fully installed prior to commencement of drilling activities on the Hagar Qim well.

Tags: Mediterranean Oil & Gas Plc