Guendalina gas field development progresses offshore Italy

Source: Mediterranean Oil & Gas

Mediterranean Oil & Gas Plc (AIM: MOG) reports that development continues at its Guendalina gas field offshore Italy in Concession AC 35 AG. Eni (NYSE:E) serves as the operator of Guendalina with 80 percent interest, and MOG holds the remaining 20 percent interest. 

The Operator, ENI, has informed MOG that following the installation of the platform jacket which was successfully completed in March, the Transocean jackup rig ,GSF Key Manhattan, commenced drilling the two development wells Guendalina 2D (Gue 2D) and Guendalina 3 (Gue 3) on April 7, 2011. The two wells are being drilled in parallel, by implementation of the "skid drilling" technique.

The planned total depth of the Gue 2D well is 3,290 meters (3,225 meters true vertical depth) , while the planned total depth of the Gue 3 well is 3,190 meters. The Pliocene gas sand levels are expected to be encountered from a depth of about 3,000 meters.

ENI estimates that the drilling campaign, including completion of the two wells for production, will be completed by the end of July 2011. In parallel, the construction of the platform deck is progressing. Its installation is forecast to occur immediately after the completion of the development drilling phase.

Based on the information received from ENI, the Guendalina field development plan is progressing on schedule and "first gas" is forecast in September 2011.

The Guendalina gas field is located 47 km off of the northeast coast of Italy in 42 meters of water, outside the offshore restricted area for E&P activities, which was introduced in August 2010 by the Italian Government.

ENI has independently certified 2P gas reserves of 22 Bcf (4.5 Bcf net MOG). An additional 5 Bcf (1.0 Bcf net MOG) of potential gas resources will be assessed during the current development drilling campaign by the Gue 2D well. Based on studies performed by ENI, the aggregate gas production from the field is expected to be around 20 MMcf/day (100% basis); 4MMcf/day net to the Company.



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