Drilling is due to start on a deepwater block offshore Malta in the Eastern Mediterranean later this year using a Noble semi-submersible.
Noble’s Paul Romano has been hired by Genel Energy to drill a single exploration well in Malta Area 4 to the south of the island during Q4.
Mediterranean Oil and Gas, which has 25% equity in the area, has reached agreement with operator Genel to make use of this particular rig, which is currently dry-docked in Valetta and undergoing a five-year re-classification survey and spruce-up.
During its stay in Malta the Paul Romano will be fitted with a fifth ram to the blow out preventer on the rig to comply with latest best practice for deep water operations. The EVA-4000 class rig was built back in 1981.
The Hagar Qim target is thought to hold gross reserves of up to around 110million barrels located in Lower Eocene and Paleocene horizons at a depth of some 2,500m. Water depth at the planned spud location is 450m.
The hunt for hydrocarbons on- and offshore Malta has been going on sporadically for about 60 years with nothing significant being found to date.
Genel bought its way into the Area 4 licence where Hagar Qim is located last year for $10million plus free carry for MOG.