MOG Continues to Suffer Delays, Shut-ins in Italy

Mediterranean Oil and Gas (MOG) continued to suffer delays and shut-ins in its main Italian operations during the third quarter of 2013, the company reported Friday.

The firm said "production challenges" had occurred at the Guendalina field, offshore Italy, where its GUE 3ss well has been shut in since the end of Augus. This is the second well to have been shut in this year after the GUE 2ss well was shut in seven months ago.

Meanwhile, the Ombrina Mare field is continuing to suffer delays. A competent person's report has identified contingent resources for Ombrina Mare as between 9.8 and 62.8 million barrels of oil along with 3.5 billion cubic feet to 12.8 billion cubic feet of gas, but these contingent resources can only be moved to reserves once the production concession for the field is approved.

Away from Italy MOG enjoyed some cheer in the shape of positive progress at Area 4 offshore Malta, with the Paul Romano (DW semisub) rig set to drill the Hagar Qim 1 exploration well targeting 109 million barrels of oil equivalent – although even here the firm is facing a legal dispute with Leni Gas and Oil.

Third quarter production came in at 36,325 billion barrels of oil equivalent, representing average net production of 314 boepd during 3Q 2013. During the first half, MOG's production averaged 457 boepd.

MOG Chief Executive Dr Bill Higgs commented in a company statement:

"The third quarter of the year has seen excellent progress with our activities in Malta as we get closer to the drilling of the Hagar Qim 1 exploration well with our partner, Genel Energy.
"Ombrina Mare is a very valuable opportunity for the company with significant upside potential, which requires further appraisal activity in order to optimize its development.  We look forward to having the opportunity to progress this project in 2014."



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