A subsidiary of Genel Energy is preparing to start drilling the Hagar Qim-1 well offshore Malta after the rig for the program was accepted under contract.
The Noble Paul Romano (pictured) set sail for Block 7, in Area 4 offshore Malta, on 18 May.
The Hagar Qim-1 well will test a tertiary carbonate build up. The prospect is seen as a four-way dip closed structure with stratigraphic upside, in about 460m water depth, according to a May presentation by Genel.
Once it has completed the Hagar Qim-1 well, the Noble Paul Romano will move to drill the Sidi Moussa prospect offshore Morocco.
Dr Bill Higgs, chief executive of Genel's partner Mediterranean Oil & Gas, says: “We are very excited about Hagar Qim and look forward to the imminent spud of this high-impact frontier exploration well. We will update shareholders once the results are known.”
Background
In 2012, Genel acquired a 75% participating interest in Mediterranean Oil and Gas Plc’s (MOG) license interests in Area 4 (Blocks 4,5,6 and 7), offshore Malta – blocks where the maritime border has been agreed and internationally recognised with Libya. The blocks, which lie to the south of Malta, are within the Medina Bank area in water depths of around 500m.
Hydrocarbon production has been established in adjacent areas for several decades with the Area 4 block having considerable exploration potential, according to Genel. Genel’s blocks are anticipated to be geologically similar to the producing areas of the Libya Sirte basin and Tunisia.
3D seismic has been shot and interpreted which has identified a number of plays and several prospects have been defined in each play type, with 700MM boe gross targeted across the whole acreage.
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