3rd Jul 2014 09:05
LONDON (Alliance News) - Mediterranean Oil & Gas PLC and Genel Energy PLC Thursday said the Hagar Qim-1 well at the Area 4 licence offshore Malta has failed to find hydrocarbons in its targeted prospects.
Mediterranean Oil & Gas, an oil and gas exploration and development company, said Genel Energy PLC's wholly-owned subsidiary, Phoenicia Energy Co Ltd told it that the well was drilled down to the Eocene region and has now been plugged and abandoned after failing to find any indications of hydrocarbons.
The well, located approximately 130 kilometres south of Malta in around 450 metres of water, went into the test drilling phase on May 24 and was the 11th well to be drilled offshore Malta.
MOG has a 25% interest in the site while Genel holds the other 75%.
Genel Energy said its drilling rig will now be moved to drill the Nour prospect on the Sidi Moussa block offshore Morocco, which is targeting prospective resources of 33 million barrels at a 20% probability of success. MOG has no interests in the block.
MOG shares were down 7.2% to 6.15 pence while Genel shares were down 0.1% to 1,022.00 pence on Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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