ITALY
OVERVIEW
Ombrina Mare Concession (100%), offshore
- Ombrina Mare 1 oil & gas discovery successfully appraised by OM2 in June 2008
- Flow of approximately 1,000 bpd from horizontal drain
- Certified Oil Reserves P1 & P2 20MMbbls
- Contingent Resources 11 to 18MMbbls
- Satellite oil prospects and gas levels in the Pliocene sand Complex to be evaluated – development potential in conjunction with the main field
Serra San Bernardo Permit (22.8%)
- Joint venture with ENI and Total where MOG is the operator
- Will drill the Monte Grosso 2 well in late 2008. Operator estimate for most likely case: Prospective Resources (100%) is 280MMbbls. Net to MOG 60MMbbls.
Guendalina gas field (20%), offshore Adriatic.
The Field
- The offshore Guendalina gas field is under development.
- Operator’s current feasibility study and budget for development based on the tie back to the Tea Field and the connection to the Amelia production platform (both ENI owned).
- Discovered by Guendalina-1 drilled by ENI
- The field was further appraised by a sidetrack, Guendalina-1DirA which was drilled about 350m up-dip to the north-east.
- The reservoir depth is approximately 3,000m in 20m of water approximately 25km from shore.
Reserves
The Operator reported that the Field (100% basis) holds:
- 1P proven gas reserves of 526MMscm (19Bcf)
- 2P proved and probable gas reserves of 631 MMscm (22Bcf)
Development & Production
- Two development wells to be drilled
- Link to the existing ENI offshore gas production facilities
- Total gas production in the first production full year – 142MMscm (5 Bcf)
North Adriatic discoveries (15%), offshore
- Production Concession – AC19PI
- Exploration permit – AR81FR
- MOG has a 15% interest (ENI Operator) a number of other gas discoveries
- Aida, Attila, Dorotea and Isabella gas fields
- Dorella Prospect
- Development contingent on resolution of certain environmental issues
- These four additional gas discoveries represent not to MOG 19 to 48 Bcf of contingent gas resources