Mediterranean Oil & Gas Updates Guendalina Operations

ENI, the operator of the D37ACFR Permit offshore Italy in the northern Adriatic Sea, has advised Mediterranean Oil & Gas that Italy's Ministry of Productive Activities (MAP) officially approved the companies' development plan for the Tea Gas Field, which included the plan to tie back the Guendalina Field to the Tea Gas Field.

The approval advances the Guendalina discovery to the development phase. ENI, as operator, is preparing updated feasibility studies and budgets to enable the joint venture to approve a decision to develop based on the tie back to the Tea Field and the connection to the Amelia production platform.

ENI, in its latest development plan, reported that the Guendalina Field (100% basis) holds low-estimate contingent gas resources of 552 million standard cubic metres (Mscm), best estimate contingent gas resources of 653 Mscm, and high-estimate contingent resources of 787Mscm. Mediterranean understands that the estimates were prepared in accordance with the SPE standard, and is working to verify them.

ENI has also provided a production profile from the low-estimate contingent gas resources that indicate production from Guendalina would be 142 Mscm (100% basis) in the first full production year (2010). This estimate compares closely to the 140-Mscm production in the first full year estimated by RPS, based on the then-available data, and published in RPSís Competent Personís Report. The Mediterranean said that its share of the production, as estimated by ENI and RPS, would approximately double its Italian annual gas production.

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