Mediterranean Oil & Gas Plc announces that the Government of Malta has granted a one year extension of the first exploration phase of the Production Sharing Contract (“PSC”) for Malta Offshore Area 4 (“Area 4”) to January 2014.
The Area 4 PSC licence is currently owned 100% by MOG through its wholly owned subsidiary, Phoenicia Energy Company Limited (“PECL”).
Dr. Bill Higgs, Chief Executive of Mediterranean Oil and Gas, commented:
“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 plc will join us in exploring Area 4. We intend to start awarding drilling related contracts early in the New Year, including contracting of a drilling rig for the operations.
“We are excited to be leading this new phase of exploration activity offshore Malta.”
[mappress] Press Release, December 06, 2012