Mediterranean Oil & Gas reveals economic potential at Italy well

Mediterranean Oil & Gas on Wednesday revealed "excellent" results from a production test of its Civita 1 well in the Aglavizza concession in Italy.

Mediterranean Oil & Gas on Wednesday revealed "excellent" results from a production test of its Civita 1 well in the Aglavizza concession in Italy.

The AIM listed company said a three-step test on the prospect was completed last week, confirming production potential.

The first stage included a five-hour production flow test which achieved a stabilised flow rate of 50,3000 standard cubic meters (scm) a day with negligible water production.

The second part included another five-hour test which showed a rate of 27,700 scm/day followed by a final stage test which produced a rate of 12,200 scm/day.

The company said the results confirmed excellent permeability and "no near-well bore formation damage".

Dr. Bill Higgs, Chief Executive of Mediterranean Oil and Gas, said: "We are pleased to have successfully completed the production test at Civita 1 and the results confirm the economic potential of this asset. The team is now working towards finalising the development plan for Algavizza ahead of an investment decision in late 2013."

The group said first gas is due in early 2015 at the Aglavizza field.

Shares grew 2.1% to 10.62p at 11:12 Wednesday.

Recommended

Imperial Brands has an 8.3% yield – but what’s the catch?
Share tips

Imperial Brands has an 8.3% yield – but what’s the catch?

Tobacco company Imperial Brands boasts an impressive dividend yield, and the shares look cheap. But investors should beware, says Rupert Hargreaves. H…
20 May 2022
Investing in drugmakers: uncommon profits from curing rare diseases
Share tips

Investing in drugmakers: uncommon profits from curing rare diseases

Treatments for medical conditions with only a small number of sufferers can still be very attractive for pharmaceutical companies and investors becaus…
20 May 2022
Share tips of the week – 20 May
Share tips

Share tips of the week – 20 May

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
20 May 2022
Delivering profits: should you buy Royal Mail shares?
Share tips

Delivering profits: should you buy Royal Mail shares?

The volume of parcels delivered by Royal Mail soared during the pandemic, and so did its profits. But it has been coming under pressure lately. So, as…
19 May 2022

Most Popular

The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves looks at the FTSE 100’s top yielding stocks for income investors to consider.
18 May 2022
Aviva: a share for income investors to tuck away
Share tips

Aviva: a share for income investors to tuck away

Insurance giant Aviva is one of the highest yielding stocks in the FTSE 100 – and it’s cheap, too, making it a tempting target for income investors. R…
18 May 2022
Despite the crypto crash, bitcoin still has a bright future
Bitcoin & crypto

Despite the crypto crash, bitcoin still has a bright future

Cryptocurrencies have crashed hard, with bitcoin down by more than 50% from its peak. But, says Dominic Frisby, bitcoin still has a future – it is the…
19 May 2022