The Noble Paul Romano rig, which will be used to drill the Ħagar Qim 1 well 150km to the south of Malta, has left Malta. Its official contract started on May 18 after it completed final inspection and certification tests.

The drilling rig will be operated by Noble Energy of Houston, over a two-year contract with Genel, working in water depths of approximately 450m and targetting reservoirs at a depth of approximately 2,500m.

The original concession for the area had been granted Mediterranean Oil & Gas. Leni Gas and Oil took on a 20 per cent shareholding, which it halved and eventually sold the remaining 10 per cent stake to MOG for a nominal $1. Shortly after, Genel bought a 75 per cent interest in the block from MOG for $10 million, leaving MOG with a 25 per cent shareholding.

Genel acquired its 75 per cent stake in the new Malta well, the first in over a decade, from MOG.

Bill Higgs, chief executive of Mediterranean Oil & Gas, said: “We are very excited about Ħagar Qim and look forward to the imminent spud of this high-impact frontier exploration well. We will update shareholders once the results are known.”

In the past, 11 wells have been drilled offshore of Malta by various international oil companies without any commercial finds.