Mediterranean Upgrades Ombrina Mare Oil Field

The board of Mediterranean Oil & Gas Plc has announced an update to the resource estimates for the company’s Ombrina Mare oil and gas discovery.

The Ombrina Mare field is located seven kilometers from the Italian Adriatic coast in approximately 20 meters of water. The Ombrina Mare field and two satellite structures are entirely covered by permit BR 269GC, which is 100% owned and operated by the company’s wholly owned subsidiary Intergas Piu.

The Ombrina Mare 1 discovery well was drilled by Elf in 1987 and resulted in oil production of 428 stock tank barrels (stb) per day during extended test. Based on the initial available data, the development plan from the earlier best estimate resources anticipated plateau rates of approximately 8,000 stb per day.

Mediterranean has now carried out an integrated geological and geophysical interpretation of the Ombrina Mare area from recently acquired 3D seismic data. New information from the original discovery well was also obtained and incorporated into the review. The company has updated its resources study. including a review of the volumetric estimation of the contingent resources and oil in place on the two oil-bearing levels within the Mio-Oligocene and Cretaceous carbonate reservoirs.

The Best Estimate stock tank oil initially in place (“STOIIP”) has been upgraded by almost 80% and Best Estimate Contingent Resources by approximately 40%. A revised development plan will be prepared based on the updated resources estimate. The additional estimated resources may lead to increased anticipated plateau production rates from the field.

In addition to the Ombrina Mare discovery, there are two satellite oil prospects and three gas leads within the area covered by the BR269GC permit that Mediterranean is reevaluating using the newly acquired 3D seismic data. These leads and prospects were estimated by the company’s competent person to hold Best Estimate net prospective resources (unrisked) of 10MMstb of oil and 124 million standard cubic meters of gas. The market will be updated if any change to these estimates results from the evaluation of the new data.

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