Q2 2014 Operational Update announced by Mediterranean Oil & Gas
The Board of Mediterranean Oil & Gas Plc (AIM: MOG) is pleased to announce the following operational update for the three months ended 30 June 2014.
Production and Revenues
MOG’s total net production for Q2 2014 was 4.06 MMscm (equivalent to 0.14 Bcf, or 25,827 boe). This represents average net production of 44,624 scm per day or 284 boe per day during the period (Q2 2013: 525 boe per day).
The Guendalina Field achieved net gas production (MOG 20% W.I.) of 3.12 MMscm (equivalent to 0.11 Bcf or 19,815 boe). This represents average net production of 34,237 scm per day or 218 boe per day in Q2 2014. Unfortunately, the operating conditions of the well GUE 3ss have continued to deteriorate with characteristics similar to when the well initially showed production problems. The operator is reviewing the situation and will formally recommend a plan of action in due course. The Guendalina Field is currently producing approximately 30,240 scm (~192 boe) per day net to MOG.
The Company’s onshore Italy gas fields achieved net production of 0.95 MMscm (equivalent to 33.4 MMscf or 6,011 boe) during the period. This represents average net production to the Company of 10,386 scm per day or 66 boe per day.
MOG’s total net revenue for Q2 2014 was €1.02 million, which was 3% lower than Q1 2014 and represents an average realised price of €0.252 per scm.