Majority partner Genel Energy has indicated that a first deepwater well off the coast of Malta in the eastern Mediterranean is due to spud this month.

Genel, which farmed into Block 4 last year in a deal with Mediterranean Oil and Gas, (MOG), said the Hagar Qim 1 well should kick off during May.

Previously exploration partners MOG signalled its expectation that drilling would soon start after the rig contracted for the well, the Noble Paul Romano, underwent final inspection and certification testing in Valetta harbour in Malta. The Hagar Qim well will be drilled in Block 7, located in Area 4 offshore southern Malta. Drilling will take place in an area where the water depth averages 500 m (1,640 ft).

Previously MOG obtained a six month extension from the Maltese government for a production sharing contract covering Area 4, encompassing blocks 4, 5, 6 and 7, extending the exploration period until July this year, allowing more time for the well which is targeting a Lower Eocene Unconformity. It is due to be drilled to a target depth of 2,800 m (9,184 ft).

Predrill in-place reserves are estimated at between 149 MMbbl and 783 MMbbl, while prospective resources are put at between 34 MMbbl and 210 MMbbl, based on a Competent Persons Report by ERC Equipoise in November 2012.

Offshore