Exploration drilling offshore Malta is looking positive now with a well start planned for the first quarter next year.

Mediterranean Oil and Gas completed a sale agreement with Genel Energy back in February this year which allows it to start planning for the first exploration well in exploration area four offshore Malta, covering blocks 4, 5 6 and 7. The sale involved selling 75% interest in Malta Area 4 to Genel, which contributed to a positive cash position for Mediterranean of €14.1 million.

A seabed site survey has been carried out fort the planned Hagar Qim 1 well in area 4 by Fugro Ocean Seismica in Italy, to identify a suitable well location.

And Mediterranean previously reported that its has now secured a drilling rig for the well and all necessary procurement work is on schedule for starting drilling operations in the first quarter next year.

The Noble Paul Romano, will drill the Hagar Qim 1 exploration well in water depths of approximately 450 metres, aiming for target reservoirs at a depth of 2,500 metres. Mediterranean says the exploration well is to target Lower Eocene and Paleocene unrisked gross prospective resources of 109 million barrels of oil equivalent – 27 m boe net to MOG.