RNS 14 Mar 2011 10:25
The Board of Mediterranean Oil & Gas Plc (AIM: MOG), the central Mediterranean focused producer, developer and explorer of oil and gas assets, is pleased to provide the following operational update.
Italy - Concession AC 35 AG - Guendalina Gas Field (MOG interest 20%, ENI 80% and Operator)
The operator, ENI S.p.A. ("ENI"), has informed the Company that the field development plan for the Guendalina gas field continues to progress on schedule and "first gas" is expected to occur in September 2011.
Construction of the jacket has been completed. Its installation is progressing on schedule and should be completed, subject to sea and weather conditions, in approximately 2 weeks.
Construction of the deck is progressing on schedule, with installation forecast to occur immediately following completion of the development drilling phase. The drilling campaign for 2 wells is expected to commence in late March 2011. It is expected that 4 months will be required to complete the well. All development contracts have been awarded. Total project cost is substantially confirmed.
Pictures of the launch and of the installation of the jacket and of the construction of the deck, are available for review on the Company's website.
Tunisia - Medjerda Permit (MOG interest 25%, Carthago Oil 10%, Range Petroleum 65% and Operator)
The second extension of the Medjerda permit (onshore Tunisia) expired on December 6, 2010. On February 25, 2011, the Tunisian Authorities have notified the J.V. partners of a further one year extension of the permit, which means the new expiry date for the permit is now December 6, 2011.
However, as announced on 9 December 2010, given the frontier exploration environment of the permit which is associated with high exploration costs and high to very high risk exploration prospects, the Company has decided not to conduct further investment in this asset.
QUALIFIED PERSON
Sergio Morandi (a director of the Company) holds a first class honours degree in geology from La Sapienza University (Rome) and has over thirty years E & P experience spent in oil and gas exploration and operations management and seismic data acquisition, processing and interpretation with ENI, Coparex, ELF, Enterprise Oil, Shell Italia E&P and Shell International E&P. Mr. Morandi's last position held was as International Geophysical and Business Advisor with Shell International E&P at EPTS - Centre of Expertise in The Netherlands. His earlier roles include Head of Exploration for Shell Italia E&P and as Head of Exploration and Chief Geophysicist for Enterprise Oil Italiana. Mr. Morandi has been a lecturer in Applied Seismology at the Basilicata University in Italy, is a board member of Associazione Mineraria Italiana, is a current member of the European Association of Geoscientists and Engineers, registered member number 563 of the Lazio Geologists' Order and is a registered
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