Oil company gets exploration contract extension

Mediterranean Oil and Gas plc has been granted a one year extension to the first exploration phase of its Production Sharing Contract for Malta Offshore Area 4 to January 2014. The company said in a statement the Area 4 PSC licence is currently wholly owned by MOG through its subsidiary, Phoenicia Energy Company Limited. 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. "We intend to start awarding drilling related contracts early in the New Year, including contracting of a drilling rig for the operations. "We are excited to be leading this new phase of exploration activity offshore Malta.”