Ombrina Mare oil and gas field discovery confirmed

Mediterranean Oil & Gas has confirmed the Ombrina Mare oil and gas field as a discovery with the successfully completed production testing on the Ombrina Mare 2 appraisal well.

Offshore Staff

LONDON -- Mediterranean Oil & Gas has confirmed the Ombrina Mare oil and gas field as a discovery with the successfully completed production testing on the Ombrina Mare 2 appraisal well.

After acidification, the well was spontaneously (without any gas lift) producing oil at a rate of approximately 900 b/d of oil with protracted peaks of approximately 1,000 b/d and without any formation water (water saturation 1.0 to 3.5%). According to the company, the well pressure measurements, during and after oil production, bear very close correlation with the results of the discovery well, Ombrina Mare 1 (OM1). The production pressure was stable and, after a period of production, the pressure build up was very rapid, the company says.

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

Earlier testing of the well involving gas injection and between purging sessions resulted in consistent increases in flow rates of between 30% and 50%. The company believes that if the oil production is facilitated by gas lifting, OM2dir could produce in excess of 1,200 b/d.

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.

The company is currently formulating a development plan to enable development of the Pliocene gas complex at the same time as the oil field. This gas could be injected into the carbonate reservoir to facilitate oil production and increase the oil production rates.

06/03/2008

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