Mediterranean Oil & Gas provides Guendalina field update

5/14/2014

Mediterranean Oil & Gas provides Guendalina field update

LONDON -- The Board of Mediterranean Oil & Gas (MOG) reported that, in line with the operational plan established with the Operator, ENI, production has been increased on the Guendalina Field well GUE 3ss. After a period of monitoring production post the well intervention conducted in January 2014, production has been increased to an average of 31,350 scm per day (6,270 scm per day net MOG), which is an increase of 25% over the last reported stabilised production. The Operator has a stated goal of increasing production to 40,000 scm per day (8,000 scm per day net MOG) by the end of May at GUE 3ss. MOG expects that the production will be further increased in June, as the well continues to improve performance.
 
Guendalina Field is currently producing approximately 35,650 scm per day net to MOG, which is an increase of 23% above average net production for December 2013, when production was it its lowest level.
 
Dr. Bill Higgs, CEO of Mediterranean Oil and Gas, commented: "We are pleased that production at this important asset is on the increase again, as Guendalina delivers important revenues for the Company.  We are working closely with the Operator to establish a plan to further increase the value of this asset."

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