Ombrina Mare appraisal proves up reserves

Following the appraisal of the Ombrina Mare oil and gas discovery, the certified Proven plus Probable (P1 & P2) oil reserves are now 20 MMbbl, representing a 400% increase over the previous certification, according to Mediterranean Oil & Gas.

Offshore staff

LONDON -- Following the appraisal of the Ombrina Mare oil and gas discovery, the certified Proven plus Probable (P1 & P2) oil reserves are now 20 MMbbl, representing a 400% increase over the previous certification, according to Mediterranean Oil & Gas.

"The certification of 20 MMbbl of P1& P2 oil reserves establishes the Ombrina Mare field as a sizable European oil project and, as a 100% owned and operated asset, it should now take the company into the next league of hydrocarbon producers," says Sergio Morandi, Mediterranean's CEO. "In addition there is clearly much further upside in the permit for both oil and gas. OM2 successfully appraised the Ombrina Mare structure for a distance of 1.7 km (1 mi) to the east of OM1 but a significant part of the structure is still beckoning to be appraised and a number of satellite structures in the Permit remain undrilled. The discovered gas in the Pliocene sand levels alone can add significant additional value to the discovery."

06/23/2008

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