Mediterranean Oil & Gas signs well agreement for operations in offshore Malta

Mediterranean Oil & Gas has signed a service order with AGR Well Management for the provision of drilling engineering and rig support for its Hagar Qim 1 well offshore Malta.

Mediterranean Oil & Gas has signed a service order with AGR Well Management for the provision of drilling engineering and rig support for its Hagar Qim 1 well offshore Malta.

The oil company expects to spud the well in the fourth quarter of this year after it sources a rig for the operation.

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"We are continuing to prepare for the drilling of Hagar Qim 1 in late 2013 and we are pleased to be working with AGR on this important phase of the project," said Chief Executive Bill Higgs.

"AGR has a proven track record of providing drilling support services to operators conducting exploration drilling activities."

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The company also said it expects the sale of its 75% stake in the holding company for the Malta Offshore Area 4 licence to ambitious mid-cap Genel to be completed at the end of the month after receiving clearance from HM Revenue & Customs.

"The closing of the transaction with Genel will enable our team to fully dedicate its time to preparing for the drilling operations offshore Malta," Higgs said.

Shares rose 2.56% to 10.00p at 9:50 Monday.

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