Mediterranean Oil & Gas makes progress in Malta

Mediterranean Oil & Gas (MOG) on Friday said it made "significant progress" with preparation for its fourth quarter drilling programme in Malta.

Mediterranean Oil & Gas (MOG) on Friday said it made "significant progress" with preparation for its fourth quarter drilling programme in Malta.

The firm competed the sale of 75% of its interest in Phoenicia Energy Company to Genel Energy, signed a deal for the drilling of the Hagar Qim 1 well and is on track to open is operational base in Malta.

In a trading update on its first quarter activities said it generated revenues of €3.05m, an average realised price of €0.31 per standard cubic metre (scm).

Net production was 9.9m scm with average daily production totalling 110,000 scm.

Well GUE-2ss, which accounts for around 30% of production from the Guendalina Field, has been shut in since March 5th pending operations to determine the cause of the sudden change in operating conditions.

"We have had a busy start to what is going to be an important year for MOG as we gear up for the drilling programme in Malta in Q4 2013 and as Ombrina Mare appraisal drilling draws nearer. We are financially strong and continue to build our cash position from production," said Chief Executive Bill Higgs.

RD

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