Italy-focused Mediterranean Oil & Gas (MOG) issued an update on its operations Tuesday in which it detailed its drilling plans for the rest of 2013 and 2014.
MOG said that moving its resources into reserves and production is a key objective for 2013. With some 500 million barrels of oil equivalent (boe) in prospective resources, the firm aims to add significantly to its proved reserves of 14 million boe and proved and probable (2P) reserves of 30 million boe.
MOG pointed out that it was making progress in achieving the award of the Ombrina Mare Production Concession by the end of 2013, and is preparing for the pilot development well on the concession to be drilled during the first half of 2014. The well will target moving contingent resources to 2P reserves.
Elsewhere in Italy, the firm is working towards drilling the Faseto 1 onshore prospect, targeting some 2 billion cubic feet of gas net to the company.
Meanwhile, offshore Malta MOG, with its partner Genel, plans to drill the Hagar Qim 1 exploration well that is targeting some 109 million boe of un-risked prospective resources (27 million boe net to MOG). The well is scheduled to be drilled during the fourth quarter of 2013.
MOG ended 2012 with net cash of $11.4 million (EUR 8.7 million), which has been strengthen thought the addition of $10 million from its new partner in its Maltese licenses Genel.
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