Ombrina Mare 2 appraisal well confirms expectations

Mediterranean Oil & Gas has successfully completed drilling the Ombrina Mare 2 horizontal sidetrack well (OM2dir) inside the carbonate reservoir.

Offshore staff

LONDON -- Mediterranean Oil & Gas has successfully completed drilling the Ombrina Mare 2 horizontal sidetrack well (OM2dir) inside the carbonate reservoir. The operation confirmed the company's geological prognosis and the oil appraisal expectations.

The OM2dir drilling started at 1,815 m (5,955 ft) depth inside the lower Pliocene clastics and reached the Oligo-Miocene main target carbonate formation 270 m (886 ft) east of the OM2 appraisal vertical hole. It was drilled horizontally inside the Oligo-Miocene reservoir 371 m (1,217 ft) southeast from OM2 location.

Significant oil shows, with frequent sections of abundant oil bleeding, were recorded on cuttings and shale shakers along the entire section of the horizontal well drilled inside the Oligo-Miocene reservoir, according to the company. The oil shows were associated with good yellow fluorescence, and drilling total gas of 1 to 4%.

The OM2 wells have now appraised the Ombrina Mare structure to the southeast with the horizontal well extending to a distance approximately 1.7 km (1 mi) east of the Ombrina Mare 1 (OM1) discovery well and 640 m (2,100 ft) east of OM2 vertical well.

The results of OM2dir follow the successful completion of the vertical hole to the target depth of 2,310 m (7,579 ft). The vertical hole confirmed the material presence of oil by cores and logs from inside the main target carbonate formation and confirmed by logs the material presence of gas in the Pliocene gas sands.

The company plans to prepare the horizontal well for production testing and to conduct a full test by the OM2dir to verify the oil production rates obtainable from a horizontal well inside the fractured carbonate reservoir.

The production test is expected to be completed by the end of May 2008.

"The program to appraise the Ombrina Mare oil and gas field continues to provide very good results," says Sergio Morandi, Mediterranean Oil & Gas' CEO. "The horizontal well has now appraised the Ombrina Mare structure for a considerable distance away from OM1 and encountered significant oil shows along the entire horizontal hole. Once the full production test is carried out we will be in a position to commission an assessment of the field volumetrics and reserves based on the appraisal results. "

05/23/2008

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