Advertisement

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.

Advertisement - Article continues below

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

Advertisement
Advertisement

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

House price crash: UK property prices are falling – so where next?
Property

House price crash: UK property prices are falling – so where next?

With UK property prices falling for the first time in eight years, are we about to see a house price crash? John Stepek looks at what’s behind the sli…
2 Jul 2020
The end of the bond bull market and the return of inflation
Inflation

The end of the bond bull market and the return of inflation

Central bank stimulus, surging post-lockdown demand and the end of the 40-year bond bull market. It all points to inflation, says John Stepek. Here’s …
30 Jun 2020
How “support” and “resistance” can help you spot trading opportunities
Sponsored

How “support” and “resistance” can help you spot trading opportunities

Technical analysis can help traders manage risk and decide where to enter and exit a trade. One simple form of technical analysis is the concept of “s…
6 Jul 2020