Mediterranean Oil & Gas Secures PSC Extension for Malta Area 4
- Business & Finance
The Board of Mediterranean Oil & Gas Plc announces that agreement has been reached with the Government of Malta for a six month extension to the Production Sharing Contract (“PSC”) covering Area 4 Blocks 4, 5, 6 & 7 (“Area 4”).
This extension will enable the Contractors to the PSC to have sufficient time to complete the exploration drilling activities that are forecast to start in Q1 2014. With this extension, the expiry of the first exploration period to the PSC is now 17 July 2014.
Dr. Bill Higgs, Chief Executive of Mediterranean Oil and Gas, commented:
“We appreciate the continued support of the Maltese Government as we prepare to drill the Hagar Qim 1 exploration well with our partner Genel Energy.”
“The first half of 2014 will be an important time for the Company with the drilling of two exploration wells; one offshore Malta Area 4 and one onshore Italy. This increased activity is an important step forward for the Company.”
Press Release, January 09, 2014; Image: MOG