MOG: Significant Oil Shows Reported from Ombrina Mare 2

The Board of Mediterranean Oil & Gas Plc announced the latest operational update on the Ombrina Mare 2 Appraisal Well ("OM2") -- MOG Operator, 100%.


--Currently recording significant oil shows whilst drilling inside the main target carbonate formation with the George H. Galloway jackup rig.

--Logs confirmed the material presence of gas in the Pliocene gas sands complex.

--Drilling operation proceeding satisfactorily in line with the Company's geological prognosis and appraisal expectations.

Oil Target

The OM2 appraisal well is at approximately 2145m and is inside the carbonate primary target. We are currently coring inside the carbonate complex.

There are continuous oil shows on cuttings and on the shale shakers and associated drilling total gas of 2.79%. These significant oil shows are also associated with good yellow fluorescence.

The current program is to core where oil shows are present and drill the carbonate sequence to the scheduled TD. The carbonate main target was found to be oil bearing in OM1 vertical exploration well, which produced 400 bbls/day. OM2 is 1 km east of the OM1 location.

Gas Target

The two runs of logs at OM2 have confirmed the presence of several gas sand levels in the secondary target zone, the middle-upper Pliocene gas sands complex.

The middle-upper Pliocene gas sands complex sequence is constituted by prevalent shales alternated with levels of sands. Last week, significant gas shows from 5 to 12 % (C1) were recorded while drilling in these sediments between 1500 to 1800m.

The main gas sands are associated with seismic amplitude anomalies visible on the seismic image and also have a good correlation with the main gas bearing sand levels of the discovery well, OM1, where they produced 150,000 to 190,000 scm/day (5.3 to 6.7 MMcf/d) of gas (99% methane(C1)).

Sergio Morandi, the Company's CEO, stated, "The presence of significant oil shows whilst drilling the main carbonate target in OM2 and the discovery of gas in the secondary gas complex target augurs very well for the successful appraisal of the OM1 oil and gas discoveries. Once full testing is carried out we will be in a position to better estimate the oil and gas volumes and the most likely size of the fields, which have already produced oil and gas from OM1. 5MMbbls of P1 & P2 oil reserves from OM1 has already been certified."

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