Mediterranean Oil & Gas granted one year extension on contract

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.

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"We intend to start awarding drilling related contracts early in the New Year, including contracting of a drilling rig for the operations."

NR