Source: Kinga Warda¸ PKF Malta
Dr. Bill Higgs¸ Chief
Executive of Mediterranean Oil and Gas¸ said that his company is set to drill in Area Four south of Malta in the 4th quarter this year. He commented: “we are well placed to actively pursue exploration and growth opportunities and look forward to the drilling of our first exploration well in the highly prospective Malta Offshore Area 4 with Genel”.
In context of today’s announced financial results¸ Higgs said the company had delivered a strong financial¸ commercial and operational performance.
For shareholders and investors of MOG¸ the focus is to be on the further development of the Ombrina Mare project. The area is an oil and gas field discovered in 2008 in the Central Adriatic and located in 20 meters of water depth four miles offshore. Recoverable reserves (2P) are currently estimated to be 40 million barrels of oil and 6.5 Bcf of gas. MOG is going to build up the first exploration in the Malta venture planned for late 2013.
In 22nd February 2013 Mediterranean Oil & Gas announced that Italian Ministry of Environment indicates that the EIA Commission¸ charged by the Ministry to rule on the Ombrina Mare oil and gas field development EIA¸ has ruled positively in favour of MOG’s submission. The Ministry has already granted technical approval of the Field Development Plan for Ombrina Mare in June 2009.