Genel drills duster offshore Malta
Genel has failed to find oil at its Hagar Qim 1 well, offshore Malta, a partner in the block has reported.
Mediterranean Oil and Gas today announced that it has received formal notification from Phoenicia Energy Company Ltd (a wholly owned subsidiary of Genel Energy plc), the operator of the Area 4 licence offshore Malta (MOG 25% working interest), that the Hagar Qim-1 well has been drilled to the Eocene and plugged and abandoned with no indications of hydrocarbon.
The well, located approximately 130km south of Malta in 450m of water, was drilled using the semi-submersible rig ‘Noble Paul Romano’.
The Hagar Qim well was the 11th well to be drilled offshore Malta. The last exploration well that was drilled was the Lampuko well in 2002.
The Noble Paul Romano rig will now move to drill the Nour prospect on the Sidi Moussa (Genel 60% working interest) block offshore Morocco. The well is targeting prospective resources of 300 mmbbls at a 20% probability of success. Drilling operations are expected to start in August and take 2 to 3 months to complete.
Rockhopper Exploration in May launched a takeover offer for Mediterranean Oil & Gas (MOG). The initial consideration offer values the entire issued and to be issued share capital of MOG at approximately £29.3 million. However, as part of the initial offer, Rockhopper ascribed no value to the Hagar Qim Exploration Well, but instead, it offered an element of contingent consideration depending on the success of the well targeting the Hagar Qim prospect in Offshore Malta Area 4, Block 7.
This well was targeting 27 million barrels of certified mean prospective resources net to MOG, however it failed to find hydrocarbons.