Genel Energy writes off Malta, Angola, Morocco programs

Offshore staff

LONDON – Genel Energy says it will pull out of its drilling programs offshore Malta, Angola, and Morocco and record a non-cash exploration write-off of around $480 million in its 2014 accounts.

The Hagar Qim-1 well on the Area 4 license offshore Malta was drilled to the Eocene before being P&A’d with no indication of hydrocarbons.

The Noble Paul Romano then moved to the Nour prospect where the well targeted prospective resources of 300 MMbbl at a 20% probability of success.

In June 2014, the Stena Carron spudded an exploration well on the Dilolo prospect in block 39 offshore Angola.

All prospects were P&A’d by the company and its respective partners after failing to encounter pay or continuous flow.  

01/27/2015

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