Mediterranean Oil & Gas Plc (AIM: MOG) continued its recent run after releasing an operational update on the Ombrina Mare 2 well, offshore Italy.
Med Oil & Gas confirmed that the well had reached target depth of 2310 metres, and had additionally confirmed the presence oil inside the main target carbonate formation. Two cores and logs taken from the carbonate formation were "very similar" to samples taken at the Ombrina Mare 1 discovery well which produced 400 barrels of oil per day of 18 degrees API oil. In addition to the main target, gas shows were confirmed in the logs for the secondary target, the Pliocene gas sands complex.
The company will now complete a modular formation dynamics test to recover sample fluids before beginning a horizontal hole inside the carbonate reservoir.
Sergio Morandi, CEO, stated:
"This is a very exciting time for the Company and the culmination of a lot of hard work. The OM2 cores and logs have confirmed the presence of oil in the main carbonate target" commented Sergio Morandi, CEO of Med Oil & Gas. "We will now drill the horizontal hole and carry out a full production test. Once
this is done we will be in a position to commission an assessment of the most likely size of the field and prepare the production concession application to allow full development."
Shares in Med Oil & Gas climbed 6% to 130p.