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

Recommended

Should you buy Vodafone shares, or steer clear?
Share tips

Should you buy Vodafone shares, or steer clear?

Vodafone grew revenue by 4% and profit by 11% last year, and offers investors a 6.4% dividend yield. So should you buy Vodafone shares? Rupert Hargrea…
17 May 2022
Melrose Industries: a British manufacturer that is well-placed for recovery
Share tips

Melrose Industries: a British manufacturer that is well-placed for recovery

Melrose, the aerospace and automotive manufacturer, has been hit by the pandemic, but the shares are unduly cheap says David J Stevenson.
17 May 2022
Avoid easyJet shares – there are better airlines to invest in
Share tips

Avoid easyJet shares – there are better airlines to invest in

EasyJet used to be one of Europe’s most impressive airlines. But now it is facing challenges on all fronts and losing out to the competition. Rupert …
16 May 2022
Britain’s ten most-hated shares – w/e 13 May
Stocks and shares

Britain’s ten most-hated shares – w/e 13 May

Rupert Hargreaves looks at Britain's ten-most hated shares, and what short-sellers are looking right now.
16 May 2022

Most Popular

Get set for another debt binge as real interest rates fall
UK Economy

Get set for another debt binge as real interest rates fall

Despite the fuss about rising interest rates, they’re falling in real terms. That will blow up a wild bubble, says Matthew Lynn.
15 May 2022
High inflation will fade – here’s why
Inflation

High inflation will fade – here’s why

Many people expect high inflation to persist for a long time. But that might not be true, says Max King. Inflation may fall faster than expected – and…
13 May 2022
Is the oil market heading for a supply glut?
Oil

Is the oil market heading for a supply glut?

Many people assume that the high oil price is here to stay – and could well go higher. But we’ve been here before, says Max King. History suggests tha…
16 May 2022