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Additional Information
Market: AIM
Sector: Oil and Gas Exploration and Production
Epic: MOG
News: Latest news
Web Site: Mediterranean Oil and Gas
Other Articles: 12-02-201009-02-201006-01-2010

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Mediterranean Oil and Gas

Mediterranean Oil and Gas

Mediterranean Oil & Gas Plc is an AIM listed Petroleum Company which has production, development and advanced exploration oil and gas assets. Mog  holds operating rights on a significant number of its assets and has positive, ongoing cashflow derived from production. MOG has experienced long standing management who are well versed and connected to the Italian regulatory process. All of MOG’s assets held in the European Union, principally on and offshore Italy and offshore Malta, except for recently acquired interest in Tunisian permit.

The Company’s short term objectives are to become a medium size oil producer from the development and exploitation of the Company's Ombrina Mare discovery. To increase substantially the Company's gas reserves and production through the development and extension of its Italian Onshore and Adriatic gas assets and to farm out and drill very substantial and mature prospects identified (3D seismic) in Offshore Malta (Block 7 Area 4)(adjoining Libyan border); and also Mature offshore Malta Blocks 4, 5 & 6.

CLICK HERE FOR FULL ANALYSIS OF MEDITERRANEAN OIL AND GAS
Tuesday, February 09, 2010

Mediterranean Oil & Gas doubles proven and probable reserves for Ombrina Mare to 40 mmbbls

Mediterranean Oil & Gas (AIM: MOG) has doubled the 2P (proven and probable) reserves for the Ombrina Mare oil and gas field to 40 mmbbls (million barrels), including an increase in 1P (proven) reserves to 12 mmbbls. The shares rallied nearly 15 percent in early trade on the news.

The new certification, which was carried out by independent reservoir engineers Studio Ingegnera Mineraria and incorporated the results of technical studies conducted in 2009, represents a 100% increase from the June 2008 2P oil reserve certification by SIM.

“The increase in proved reserves to 12 MMbbls and 2P reserves to 40 MMbbls doubles the initial analysis and confirms the field's critical mass. The new oil reserve numbers establish the Ombrina Mare field as a significant European oil project and further confirm MOG's technical ability to operate and progress this important project,” said chief executive Sergio Morandi.

The company said its discussions with financial institutions continued and it expects to shortly select a banking advisor to assist with the analysis of financing options for the project.

MOG expects to have completed the environmental approval process by the third quarter of 2010, and is targeting the final grant of the full production licence by the end of 2010.

Technical studies of Ombrina Mare continue, which includes the reprocessing and inversion of the 3D seismic to increase the imaging of both the oil and gas reservoirs and formation evaluation to refine the knowledge of the reservoir.

In October 2008, MOG also announced that 6.5 Bcf (billion cubic feet) of recoverable 2P gas reserves in the Pliocene clastic sequence above the oil field had been certified by SIM.  This gas reserve certification has not been reviewed by SIM in the update, but it could be revised when the ongoing seismic reprocessing and studies are completed.

The current estimated capex (capital expenditure) for the Ombrina Mare field development plan (FDP), which includes a total of five wells, a plant designed for oil production of 10,000 bbls/d (barrels per day) and a 12 km (kilometre) submarine gas pipeline, stands at between €150 and €180 million.

The Ombrina Mare FDP has been designed by Proger SpA to produce the field's 20 MMbbls (million barrels) and 6.5 Bcf of certified 2P oil and gas reserves. Production is scheduled to start in 2012 and is expected to peak at 5,000 to 7,500 bbls/d of oil and 3.5 mmcf/d (million cubic feet per day) of gas.

The FDP will not be impacted by the revised resource certification.

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