LONDON (Thomson Financial) - Mediterranean Oil & Gas Plc. said exploration at the Teboursouk 1 well (TEB1) in Tunisia has been suspended after new test data showed the location of the TEB1 well was not optimal.
Chief executive Sergio Morandi said: 'Whilst we are naturally disappointed that the TEB1 well was not a producer, the results of TEB1 are very encouraging and the Medjerda permit's exploration potential after this well can be considered higher than previously thought.'
The company also said it has encountered significant gas shows at the Ombrina Mare 2 appraisal well in Italy and that the well is proceeding satisfactorily in line with the company's geological projection.
The well had reached a depth of 1,900 metres as of April 23 and is continuing through the secondary target zone, the group added.
Via [HemScott]
