02/05/2008
Mediterranean Oil & Gas reports new ‘significant oil shows’ at Ombrina Mare off the coast of southern Italy.
The AIM-quoted company says drilling inside the main target carbonate formation at the Ombrina Mare 2 appraisal well has produced these oil shows, while logs have confirmed the presence of gas in the prospect’s Pliocene sands complex. Ombina Mare 2 (OM2) is one km east of Ombrina Mare 1 (OM1), where a vertical exploration well has produced 400 barrels a day.
Chief executive officer Sergio Morandi declares significant oil shows while drilling the main carbonate target in OM2 ‘augur very well for the successful appraisal of the OM1 oil and gas discoveries’. Floated at £1 in late 2005 and recommended soon afterwards by Growth Company Investor at 123p, Mediterranean Oil & Gas shares reached 251.5p the next year before retreating to 84p last month.
Now 121.5p, up 9p this morning, they value the London-based company at £47 million and have scope for further potential recovery if the drilling results continue to please.
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