Mediterranean Says Ombrina Mare 2 Commercial

The Board of Mediterranean Oil & Gas Plc announced that the appraisal well, Ombrina Mare 2, has been completed successfully and the Ombrina Mare Oil and Gas Field has been confirmed as a discovery. The well was drilled by the George H Galloway.

The production test performed on the Ombrina Mare 2 horizontal side track well (OM2dir) has been completed.

After acidification, the well was spontaneously (without any gas lift) producing oil at a rate of approximately 900 Bbls/d of oil with protracted peaks of approximately 1000 Bbls/d and without any formation water (water saturation 1.0 to 3.5%).

Initial oil samples tested at 17 API degrees (OM1: 18 API degrees).

Earlier testing of the well involving gas injection and between purging sessions resulted in consistent increases in flow rates of between 30% and 50%. Based on these results it can be inferred that if the oil production is facilitated by gas lifting OM2dir should produce in excess of 1200 bbls/day.

The OM 2 vertical well and OM2dir have successfully appraised the Ombrina Mare oil field structure to a distance approximately 1.7 km east of the OM1 discovery well.

The Italian authorities are currently certifying OM2 as a hydrocarbon discovery which will permit the Company to apply for a production concession once a field development plan is prepared.

As the Company chose to complete the OM2 well as an oil producer; it was technically unable to undertake a production test of the several gas bearing Pliocene sands encountered by OM2.

The Company will now commission an independent reservoir engineer to certify the Ombrina Mare oil and gas reserves based on the successful appraisal.

5MMbbls of P1 & P2 oil reserves were certified based upon the OM1 results. The successful appraisal by OM2 is expected to enable significant further reserves to be certified from the oil in the carbonate target which was previously categorised as 23 to 60 MMbbls of contingent oil resources (best case to high case) and from the contingent gas resources in the Pliocene gas sand complex (currently categorised as 5 to 9 Bcf of contingent gas resources best case to high case respectively).

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