MOG Begins Gas Flow in Italy
Mediterranean O&G announced the commencement of new gas production from the Anzano 1 well ("ANZ1"), onshore Italy.
ANZ1, located within the S. Andrea concession (MOG Operator; 40% Working Interest), commenced new gas production following completion of field development works to install production facilities required at the well site and to lay out a gas pipe line of approximately 3 km. This was required to connect the site to existing gas production facilities at the S. Antonio 1 well, the other gas field in the concession area, which has been in production since 1995.
Since 30th September 2010, ANZ1 has been producing approximately 2,500 scm/day of pure natural gas. It is expected production will progressively increase to a peak gross target production of 7,500scm/day by the end of October 2010.
Studio Ingegneria Mineraria have independently certified 10.3Mscm (approximately 0.38 Bcf on 100% basis) of gross 2P Reservesat the Anzano field (4.1 Mscm (0.145 Bcf) net to MOG). ANZ1 is expected to produce, at its peak, approximately 2.5 Mscm per annum in the first two years. The field life is estimated to be 7 years.
Sergio Morandi, the Company's CEO, stated, "The operation at the S. Andrea concession is part of the Company's on-going work plan to enhance gas production and reserves. The Company is actively working to maximize gas production potential from its existing portfolio of production concessions and the utilization of the existing production wells, gas production plants and other infrastructure."
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