MOG Underscores Guendalina Gas Field Devt Offshore Italy
The Board of Mediterranean Oil & Gas Plc (MOG) is pleased to announce the latest update on the Guendalina offshore gas field development located offshore Italy in the northern Adriatic.
ENI, the operator of the Guendalina gas field, has advised MOG that the Environment Ministry has issued the Environmental Approval for the field development plan ("FDP").
The operator now expects to receive the final award of the production concession from the Ministry of the Economic Development next quarter and to commence the engineering work in September 2009.
Following installation of the production platform, it is planned to drill two development wells in the second half of 2010 and the first gas production from the field expected by the last quarter of 2010. Gas production from the field is expected to be 20 MMcf/d (100% basis).
The Company has a 20% interest in the Guendalina gas field which has independently certified 2P gas reserves of 22 Bcf (100% basis).
Sergio Morandi, the Company's CEO, stated, "Completion of the environmental impact assessment approval process for the Guendalina gas field development is a very important milestone and allows greater confidence in the development timetable from this point. The Company estimates its share of the Guendalina field's expected gas production will help MOG to triple the current rate of gas production to approximately 3 Bcf per year, and now that we have the environmental approval we expect to achieve that rate of production from the end of next year."
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