Company seeking partner for exploratory oil well off Malta
Mediterranean Oil and Gas (MOG) is seeking a partner to fund its share of an exploratory oil well it intends to drill south of Malta next year.
The well is expected to cost some $US 30 million.
The well will be drilled in an area dubbed 'Haġar Qim' which is analogous to the Ashtart Field in Tunisia and the Intisar fields in the Sirte' Basin of Libya, according to international media reports.
MOG has said that its studies indicated potential recoverable prospective resources of 130 to 200 million barrels of oil, with a recovery rate of 25 to 35%.
The well will be some 2,500 deep and drilling will take two months.