Mediterranean Oil and Gas Plc (MOG) has been granted a one-year extension on its oil exploration contract by the Government.
The extension was granted until January 2014 for the first exploration phase of the Production Sharing Contract for Malta Offshore Area 4, the company said on its website yesterday.
The Area 4 PSC licence is currently owned 100 per cent by MOG through its wholly owned subsidiary, Phoenicia Energy Company Limited.
MOG chief executive Bill Higgs said: “We welcome the support we have received from the Maltese authorities.
“We are progressing plans that will enable us to test the first Prospect with the drill bit by the end of 2013 and we are on track to finalise the shareholding arrangement by which Genel Energy plc will join us in exploring Area 4.”
Dr Higgs said MOG intends to start awarding drilling related contracts early in the New Year, including contracting of a drilling rig for the operations.