Mediterranean: 2D Shoot Offshore Malta to Begin Soon
Mediterranean Oil & Gas Plc (MOG) on Thursday reported that the acquisition of approximately 1,000 kilometers of 2D seismic in Area 4 offshore Malta remains on schedule, with the seismic survey vessel M/V Geo Mariner of Seabird Exploration due to arrive in Malta on Saturday, May 26, 2007. The vessel is expected to sail for Area 4 shortly thereafter. The survey is expected to last approximately one week.
The survey is designed to increase the understanding of some of the large prospects in the area covered by the ESA (Blocks 4, 5, 6 & 7). The previously identified prospects at Hagar Qim, Skorba and Tarxien together with the newly identified prospects, particularly Luzzu, provide best estimate prospective resources of 1.5 BBstb and best estimate STOIIP of 5.7 BBstb. High estimate STOIIP exceeds 14.0 BBstb on the permit. The seismic cost will be paid for by LeniGas & Oil plc as part of its farm-in obligation to expend USD5 million to earn a 20% interest in the ESA. MOG (80%) is the operator.
The offshore south of Malta is an under-explored petroleum province related to an extension of the offshore Libyan and Tunisian proven hydrocarbon provinces.
Scanzano Permit Onshore Italy – Operator: MOG (100%) - Cupoloni 2DIRA
MOG's wholly owned subsidiary, Intergas Piu srl ("IGP"), has concluded its drilling and evaluation operations on Cupoloni 2 DIR A sidetrack well.
The Cupoloni 2 DIR A well encountered gas shows while drilling within the main target sand levels in the Cupoloni gas field, on the Scanzano production concession.
Subsequent evaluation of the hydrocarbon-bearing levels demonstrated that the gas saturation of these levels is insufficient for commercial production. The results do not affect the already proven and probable reserves of the field and normal gas production from Cupoloni 4DIR well will restart imminently. The Company will utilise data from Cupoloni 2 DIR A for its further technical evaluation of the field.
Gas Reserves and Resources Update
BR269GC Ombrina Mare - Operator MOG (100%);
D37ACFR Guendalina – Operator: ENI (MOG: 20%)
The Company has updated its gas reserves and resources as a result of its continuing work on the Ombrina Mare oil and gas fields and an update from ENI in relation to the development of Guendalina.
As announced last week the Company has now agreed a jack up rig to drill an appraisal/development well on the Ombrina Mare field. As a result of its continuing work on the permit in preparation for the appraisal/development, the Company has increased its gas inventory by best estimate gas contingent resources of 132MMscm (4.7Bcf) and high estimate gas contingent resources of 263MMscm (9.3Bcf) from Ombrina Mare permit. Previously no gas contingent resources from this permit were accounted for in the Company's portfolio.
Consequent upon further development work performed on the Guendalina gas field by the operator, ENI, proven and probable gas reserves for the Guendalina gas field have been increased to 790 MMscm (27.9 Bcf) (100% basis) compared to the previously stated 655 MMscm (23.1 Bcf).
Operates 11 Offshore Rigs
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