Mediterranean Oil & Gas has been granted a one year extension of the first exploration phase of the production sharing contract with the government of Malta for offshore area four.
The licence, which is wholly owned by the group, has been extended to January 2014.
Chief Executive of Mediterranean Oil and Gas, Dr Bill Higgs, said: "We welcome the support we have received from the Maltese Authorities. We are progressing plans that will enable us to test the first Prospect with the drill bit by the end of 2013 and we are on track to finalise the shareholding arrangement by which Genel Energy will join us in exploring Area 4.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"We intend to start awarding drilling related contracts early in the New Year, including contracting of a drilling rig for the operations."
NR
-
Reeves warned against property tax shake-up – 3 ways it could backfire on first-time buyersRachel Reeves reportedly has her eye on high-end property taxes in the upcoming Budget, but there are concerns a shake-up could unintentionally hamper those trying to get on the housing ladder
-
Average Brits want to retire five years before they can – who has the widest retirement gap?Brits are expecting to work for longer than ever but there are big disparities in the number of extra working years predicted. A small tweak could help close the gap
