Proactiveinvestors United Kingdom Mediterranean Oil & Gas

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	&lt;title&gt;Proactiveinvestors United Kingdom Mediterranean Oil &amp;amp; Gas&lt;/title&gt;
	&lt;link&gt;http://www.proactiveinvestors.co.uk&lt;/link&gt;
	&lt;description&gt;Proactiveinvestors United Kingdom Mediterranean Oil &amp;amp; Gas RSS feed
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	&lt;pubDate&gt;Wed, 23 May 2012 15:19:09 +0100&lt;/pubDate&gt;
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		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas extends Ombrina Mare exploration permit - UPDATE ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/42552/mediterranean-oil-gas-extends-ombrina-mare-exploration-permit-update-42552.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;
&lt;p&gt;&lt;strong&gt;---Adds broker comment---&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) today announced a three year extension to the exploration licence that hosts the Ombrina Mare oil and gas field.&lt;/p&gt;
&lt;p&gt;It confirmed that exploration permit BR269 GC would now run until May 5 2015.&lt;/p&gt;
&lt;p&gt;Ombrina Mare, believed to contain 40 million barrels of oil, is currently affected by Italy&amp;rsquo;s offshore drilling ban &amp;ndash; which applies to areas up to five miles from the coastline and twelve miles from nature reserves.&lt;/p&gt;
&lt;p&gt;However MOG has continued to hold talks with the Italian authorities about the restrictions.&lt;/p&gt;
&lt;p&gt;&quot;We are pleased that this licence extension has been granted and we see this as a positive sign in our on-going discussions with the Italian authorities regarding the issuance of a production concession for our proposed development of the Ombrina Mare field,&amp;rdquo; said chief executive Bill Higgs.&lt;/p&gt;
&lt;p&gt;Meanwhile,&amp;nbsp;Panmure Gordon analyst Leila Reddy said:&amp;nbsp;&amp;ldquo;This extension is indeed a positive development, as it strengthens MOG&amp;rsquo;s arguments for a resumption of activities in this field.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;ldquo;We are cautiously optimistic that in time Ombrina Mare will be commercialised.&amp;rdquo;&lt;/p&gt;
&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Wed, 09 May 2012 15:14:00 +0100&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/42552/mediterranean-oil-gas-extends-ombrina-mare-exploration-permit-update-42552.html&lt;/guid&gt;
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		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas extends Ombrina Mare exploration permit ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/42514/mediterranean-oil-gas-extends-ombrina-mare-exploration-permit-42514.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) today announced a three year extension to the exploration licence that hosts the Ombrina Mare oil and gas field.&lt;/p&gt;
&lt;p&gt;It confirmed that exploration permit BR269 GC would now run until May 5 2015.&lt;/p&gt;
&lt;p&gt;Ombrina Mare, believed to contain 40 million barrels of oil, is currently affected by Italy&amp;rsquo;s offshore drilling ban &amp;ndash; which applies to areas up to five miles from the coastline and twelve miles from nature reserves.&lt;/p&gt;
&lt;p&gt;However MOG has continued to hold talks with the Italian authorities about the restrictions.&lt;/p&gt;
&lt;p&gt;&quot;We are pleased that this licence extension has been granted and we see this as a positive sign in our on-going discussions with the Italian authorities regarding the issuance of a production concession for our proposed development of the Ombrina Mare field,&amp;rdquo; said chief executive Bill Higgs.&lt;/p&gt;
&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Wed, 09 May 2012 07:30:00 +0100&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/42514/mediterranean-oil-gas-extends-ombrina-mare-exploration-permit-42514.html&lt;/guid&gt;
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		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[RNS press release - Extension of Exploration Licence ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120509mog9358c/&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Wed, 09 May 2012 07:00:00 +0100&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/rns/120509mog9358c/&lt;/guid&gt;
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			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas: Guendalina gas production in line with Q1 expectations ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/41778/mediterranean-oil-gas-guendalina-gas-production-in-line-with-q1-expectations-41778.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) confirmed that gas production from the Guendalina field was in line with its expectations in the first quarter of 2012.&lt;/p&gt;
&lt;p&gt;Guandalina, a ENI led venture, came on stream in October. Today MOG reported average gross gas production of 580,000 cubic metres per day during the first quarter.&lt;/p&gt;
&lt;p&gt;This equates to 116,000 cubic metres a day for MOG, which has a 20 per cent stake in the venture. MOG will bank first quarter revenues of &amp;euro;4 million as a result.&lt;/p&gt;
&lt;p&gt;Additionally MOG said that a 1,012 square kilometre 3D seismic programme offshore Malta, in Block 4. The results are expected in the early part of the third quarter.&lt;/p&gt;
&lt;p&gt;&quot;We have made a very solid start to the year in delivering both reliable cash flow from our producing assets in Italy, and acquiring the seismic data required to evaluate our prospective resources offshore Malta,&quot; said chief executive Bill Higgs.&lt;/p&gt;
&lt;p&gt;The company told investors that it plans to repay &amp;euro;2 million off its short term loan facility, provided by Och-Ziff Capital Management. The company will then be debt free, it said.&lt;/p&gt;
&lt;p&gt;On the open this morning MOG shares were up 0.4p, or 6 per cent, trading at 6.25p each on AIM.&lt;/p&gt;
&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Mon, 23 Apr 2012 08:13:00 +0100&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/41778/mediterranean-oil-gas-guendalina-gas-production-in-line-with-q1-expectations-41778.html&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[RNS press release - Operations Update ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120423mog8150b/&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Mon, 23 Apr 2012 07:00:00 +0100&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/rns/120423mog8150b/&lt;/guid&gt;
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		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[RNS press release - Grant of Options ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120322mog8868z/&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Thu, 22 Mar 2012 13:03:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/rns/120322mog8868z/&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas sales deal for Guendalina to start earlier than previously announced ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/40600/mediterranean-oil-gas-sales-deal-for-guendalina-to-start-earlier-than-previously-announced-40600.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) has amended the sales agreement announced a fortnight ago for its gas from the Guendalina field offshore Italy, to start from April 1 2012.&lt;br /&gt;&lt;br /&gt;The company told investors on March 8 that RePower Italia had agreed to buy the group&amp;rsquo;s entire net gas production from Guendalina over an initial period of one &amp;lsquo;thermal&amp;rsquo; year, to start on October 1 2012 and ending on September 31 2013, with automatic renewals afterwards.&lt;br /&gt;&lt;br /&gt;The deal has now been amended and RePower will take the group&amp;rsquo;s whole net output from April 1.&amp;nbsp;MOG&amp;rsquo;s existing deal with Energetic SpA will terminate on March 31.&lt;br /&gt;&lt;br /&gt;The field is a joint venture with ENI, which has an 80 per cent interest and is the operator.&lt;br /&gt;&lt;br /&gt;Production began in October. Initial production figures, released in November, showed that Guendalina&amp;rsquo;s contribution had quadrupled the firm&amp;rsquo;s gas production from 40,000 cubic metres per day to 160,000 cubic metres.&lt;br /&gt;&lt;br /&gt;Last month, MOG reported a 42 per cent increase in the proven and probable reserves of the field.&lt;br /&gt;&lt;br /&gt;The figure rises to a gross 31.2 billion cubic feet of recoverable 2P reserves, with 6.2 billion cubic feet net to MOG.&lt;/p&gt;
&lt;p&gt;The upgrade was the result of a revised independent competent persons&amp;rsquo; report produced by RPS Energy, which gives a net present value of MOG&#039;s 2P net reserves of &amp;euro;27.2 million using a 10 per cent discount rate.&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Thu, 22 Mar 2012 08:24:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/40600/mediterranean-oil-gas-sales-deal-for-guendalina-to-start-earlier-than-previously-announced-40600.html&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[RNS press release - Gas Sale Contract ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120322mog8277z/&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Thu, 22 Mar 2012 07:00:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/rns/120322mog8277z/&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas hires Bill Higgs as new CEO ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/40277/mediterranean-oil-gas-hires-bill-higgs-as-new-ceo-40277.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) has hired former Chevron strategist Dr Bill Higgs as its new chief executive.&lt;/p&gt;
&lt;p&gt;Higgs has over 23 years experience in the oil and gas industry. Most recently he was senior vice president of operations in Chevron&amp;rsquo;s Saudi Arabia and Kuwait unit. Prior to that he was Chevron&amp;rsquo;s chief strategist, responsible for setting strategy for the oil major&amp;rsquo;s executive leaders.&lt;/p&gt;
&lt;p&gt;&quot;We are delighted that Bill has agreed to become our chief executive officer, bringing his extensive experience of international exploration and development to our board,&amp;rdquo; said chairman Keith Henry.&lt;/p&gt;
&lt;p&gt;&amp;ldquo;His broad expertise and proven innovative and strategic leadership will be invaluable to the company.&quot;&lt;/p&gt;
&lt;p&gt;Higgs said: &quot;I am very much looking forward to working with the Board to help grow Mediterranean Oil and Gas.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;ldquo;This is a very exciting time for the company as we have a strong portfolio and there are many additional opportunities within the greater Mediterranean area.&quot;&lt;/p&gt;
&lt;p&gt;Higgs officially joins the company next Monday. Interim CEO Sergio Morandi will then revert to his prior position of chief operating officer.&lt;/p&gt;
&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Thu, 15 Mar 2012 08:15:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/40277/mediterranean-oil-gas-hires-bill-higgs-as-new-ceo-40277.html&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[RNS press release - Board Appointment ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120315mog3859z/&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Thu, 15 Mar 2012 07:00:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/rns/120315mog3859z/&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas agrees new gas sales deal for Guendalina ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/39955/mediterranean-oil-gas-agrees-new-gas-sales-deal-for-guendalina-39955.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) today revealed it has agreed a deal to sell its entire net gas production from the Guendalina gas field.&lt;/p&gt;
&lt;p&gt;Repower Italia has agreed to buy the gas over an initial period of one &amp;lsquo;thermal&amp;rsquo; year. The contract renews automatically at the end of the initial period, unless terminated by either party.&lt;/p&gt;
&lt;p&gt;The field is a joint venture with ENI, which has an 80 per cent interest and is the operator.&lt;/p&gt;
&lt;p&gt;Production began in October. Initial production figures, released in November, showed that Guendalina&amp;rsquo;s contribution had quadrupled the firm&amp;rsquo;s gas production from 40,000 cubic metres per day to 160,000 cubic metres.&lt;/p&gt;
&lt;p&gt;Last month MOG reported a 42 per cent increase in the proven and probable reserves of the Guendalina gas field, offshore Italy.&lt;/p&gt;
&lt;p&gt;The figure rises to a gross 31.2 billion cubic feet of recoverable 2P reserves, with 6.2bcf net to MOG, which has 20 per cent of Guendalina. The field, 47 miles of the Italian coast, is majority owned by the local major ENI.&lt;/p&gt;
&lt;p&gt;The upgrade was the result of a revised independent competent persons&amp;rsquo; report produced by RPS Energy, which gives a net present value of MOG&#039;s 2P net reserves of &amp;euro;27.2 million using a 10 per cent discount rate.&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Thu, 08 Mar 2012 07:18:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/39955/mediterranean-oil-gas-agrees-new-gas-sales-deal-for-guendalina-39955.html&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[RNS press release - Announcement of Gas Sale Contract ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120308mog9040y/&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Thu, 08 Mar 2012 07:00:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/rns/120308mog9040y/&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas: Panmure Gordon looks at share price catalysts  ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/39030/mediterranean-oil-gas-panmure-gordon-looks-at-share-price-catalysts--39030.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;Exploration in Italy and Malta may provide key catalysts for Mediterranean Oil &amp;amp; Gas to migrate from being a junior gas producer to a mid-cap E&amp;amp;P player, according to City broker Panmure Gordon.&lt;/p&gt;]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Wed, 15 Feb 2012 14:31:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/39030/mediterranean-oil-gas-panmure-gordon-looks-at-share-price-catalysts--39030.html&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[Broker press ]]&gt;&lt;/title&gt;
			&lt;link&gt;&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[15.02.12 :-0.25, (5) Panmure Gordon initiates coverage with a &quot;hold&quot; rating and 6.3p price target.]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Wed, 15 Feb 2012 00:00:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas: Director Donnelly ups stake in firm ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/38954/mediterranean-oil-gas-director-donnelly-ups-stake-in-firm-38954.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;&lt;a href=&quot;http://proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) announced today that director Miles Donnelly has upped his stake in the company.&lt;br /&gt;&lt;br /&gt;The transaction took place yesterday and involved the purchase of 360,000 shares at 4.8 pence each, for a total cost of more than &amp;pound;17,200.&lt;br /&gt;&lt;br /&gt;Following the purchase, Donnelly is interested in 4.385 per cent of the company.&lt;br /&gt;&lt;br /&gt;Donnelly also holds 1 million options to subscribe for shares in the firm with an exercise price of 6 pence that expire on January 19, 2022.&lt;br /&gt;&lt;br /&gt;AIM-quoted MOG is an oil and gas company focused on the Mediterranean area.&lt;br /&gt;&lt;br /&gt;Earlier this month, the company said it had drawn down &amp;euro;2 million of its short term loan for up to &amp;euro;3.5 million to pay for work at its offshore Maltese licence.&lt;br /&gt;&amp;nbsp;&lt;br /&gt;As reported last year, the funds will help the firm pay for the acquisition and processing of 1,000 sq m of 3D seismic over the Area 4 licence offshore Malta under the PSC (production sharing contract) signed with the Maltese Government in 2008.&lt;br /&gt;&lt;br /&gt;The results of the survey should be ready towards the end of the first quarter this year, the firm revealed.&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Tue, 14 Feb 2012 08:22:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/38954/mediterranean-oil-gas-director-donnelly-ups-stake-in-firm-38954.html&lt;/guid&gt;
		&lt;/item&gt;
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			&lt;title&gt;&lt;![CDATA[RNS press release - Director/PDMR Shareholding ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120214mog3335x/&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Tue, 14 Feb 2012 07:01:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/rns/120214mog3335x/&lt;/guid&gt;
		&lt;/item&gt;
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			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas draws down on loan facility for Area 4 licence ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/38677/mediterranean-oil-gas-draws-down-on-loan-facility-for-area-4-licence-38677.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;&lt;a href=&quot;http://proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; Plc (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) has drawn down &amp;euro;2 million of its short term loan for up to &amp;euro;3.5 mln to pay for work at its offshore Maltese licence.&lt;br /&gt;&amp;nbsp;&lt;br /&gt;As reported last November, the funds will help the firm pay for the acquisition and processing of 1,000 sq m of 3D seismic over the Area 4 licence offshore Malta under the PSC (production sharing contract) signed with the Maltese Government in 2008.&lt;br /&gt;&lt;br /&gt;The firm entered a contract with Fugro-Geoteam Pty Ltd which carried out the seismic work, which was completed in December.&lt;br /&gt;&lt;br /&gt;The results of the survey should be ready towards the end of the first quarter this year, the firm has said.&lt;br /&gt;&lt;br /&gt;MOG entered into the PSC in 2008 following an encouraging geological and geophysical pre-assessment of Area 4 undertaken by the company and its consultants.&lt;br /&gt;&lt;br /&gt;Four prospects and five leads have been confirmed and delineated in the PSC area and the total un-risked hydrocarbon potential of the PSC Area is estimated to be around&amp;nbsp; 5 billion barrels of oil in place with the resultant total &#039;most likely case&#039; un-risked prospective recoverable oil resources being about 1,500 MMbbls.&lt;br /&gt;&lt;br /&gt;The secured loan is with affiliated investment funds of Och-Ziff Capital Management Group (Och Ziff) - the firm&#039;s largest shareholder.&lt;br /&gt;&lt;br /&gt;Earlier this month, the company unveiled a 42 per cent increase in the proven and probable reserves of the Guendalina gas field, offshore Italy.&lt;br /&gt;&lt;br /&gt;The figure rises to a gross 31.2 billion cubic feet of recoverable 2P reserves, with 6.2bcf net to MOG, which has 20 per cent of Guendalina. The field, 47 miles of the Italian coast, is majority owned by the local major ENI.&lt;br /&gt;&lt;br /&gt;The upgrade was the result of a revised independent competent persons&amp;rsquo; report produced by RPS Energy, which gives a net present value of MOG&#039;s 2P net reserves of &amp;euro;27.2 million using a 10 per cent discount rate.&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Tue, 07 Feb 2012 07:27:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/38677/mediterranean-oil-gas-draws-down-on-loan-facility-for-area-4-licence-38677.html&lt;/guid&gt;
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			&lt;title&gt;&lt;![CDATA[RNS press release - Update on Malta, Offshore Area 4 ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120207mog8803w/&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Tue, 07 Feb 2012 07:00:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/rns/120207mog8803w/&lt;/guid&gt;
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			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas says updated CPR gives Guendalina a 42 per cent bump ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/38441/mediterranean-oil-gas-says-updated-cpr-gives-guendalina-a-42-per-cent-bump-38441.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; Plc (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) this morning unveiled a 42 per cent increase in the proven and probable reserves of the Guendalina gas field, offshore Italy.&lt;/p&gt;
&lt;p&gt;The figure rises to a gross 31.2 billion cubic feet of recoverable 2P reserves, with 6.2bcf net to MOG, which has 20 per cent of Guendalina. The field, 47 miless of the Italian coast, is majority owned by the local major ENI.&lt;/p&gt;
&lt;p&gt;The upgrade was the result of a revised independent competent persons&amp;rsquo; report produced by RPS Energy, which gives a net present value of MOG&#039;s 2P net reserves of &amp;euro;27.2 million using a 10 per cent discount rate.&lt;/p&gt;
&lt;p&gt;Sergio Morandi, the company&amp;rsquo;s chief operating officer, said: &quot;We are very pleased to announce that, following the successful start-up of the Guendalina field last October, daily gas production is meeting our pre-development forecasts.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;ldquo;Guendalina&#039;s good production rate, combined with RPS&#039;s independent valuation which increases our recoverable 2P reserves by 42 per cent, is a key milestone for the development of our business plan and significantly increases the company&#039;s net production and revenues.&quot;&lt;/p&gt;
&lt;p&gt;Last month MOG confirmed it had transferred the gas sales contract for the Guendalina gas field to Italian utility Energetic with the new arrangement coming into effect today.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Net revenues from the field are expected to be around &amp;euro;12 million per year. This is based on anticipated production of around 20 million cubic feet of gas per day (20 percent net to MOG) and forecast gas prices.&lt;/p&gt;
&lt;p&gt;Production began in October. Initial production figures, released in November, showed that Guendalina&amp;rsquo;s contribution had quadrupled the firm&amp;rsquo;s gas production from 40,000 cubic metres per day to 160,000 cubic metres.&lt;/p&gt;
&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Wed, 01 Feb 2012 07:37:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/38441/mediterranean-oil-gas-says-updated-cpr-gives-guendalina-a-42-per-cent-bump-38441.html&lt;/guid&gt;
		&lt;/item&gt;
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			&lt;title&gt;&lt;![CDATA[RNS press release - Independent Reserves Certification ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120201mog5491w/&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Wed, 01 Feb 2012 07:00:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/rns/120201mog5491w/&lt;/guid&gt;
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	array(
	"id" => "42552",
	"title" => "News - Mediterranean Oil &amp; Gas extends Ombrina Mare exploration permit - UPDATE",
	"pubdate" => "2012-05-09 15:14:00",
	"seftitle" => "mediterranean-oil-gas-extends-ombrina-mare-exploration-permit-update-42552.html",
	"description" => "&lt;p&gt;
&lt;p&gt;&lt;strong&gt;---Adds broker comment---&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) today announced a three year extension to the exploration licence that hosts the Ombrina Mare oil and gas field.&lt;/p&gt;
&lt;p&gt;It confirmed that exploration permit BR269 GC would now run until May 5 2015.&lt;/p&gt;
&lt;p&gt;Ombrina Mare, believed to contain 40 million barrels of oil, is currently affected by Italy&amp;rsquo;s offshore drilling ban &amp;ndash; which applies to areas up to five miles from the coastline and twelve miles from nature reserves.&lt;/p&gt;
&lt;p&gt;However MOG has continued to hold talks with the Italian authorities about the restrictions.&lt;/p&gt;
&lt;p&gt;&quot;We are pleased that this licence extension has been granted and we see this as a positive sign in our on-going discussions with the Italian authorities regarding the issuance of a production concession for our proposed development of the Ombrina Mare field,&amp;rdquo; said chief executive Bill Higgs.&lt;/p&gt;
&lt;p&gt;Meanwhile,&amp;nbsp;Panmure Gordon analyst Leila Reddy said:&amp;nbsp;&amp;ldquo;This extension is indeed a positive development, as it strengthens MOG&amp;rsquo;s arguments for a resumption of activities in this field.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;ldquo;We are cautiously optimistic that in time Ombrina Mare will be commercialised.&amp;rdquo;&lt;/p&gt;
&lt;/p&gt; ",
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	array(
	"id" => "42514",
	"title" => "News - Mediterranean Oil &amp; Gas extends Ombrina Mare exploration permit",
	"pubdate" => "2012-05-09 07:30:00",
	"seftitle" => "mediterranean-oil-gas-extends-ombrina-mare-exploration-permit-42514.html",
	"description" => "&lt;p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) today announced a three year extension to the exploration licence that hosts the Ombrina Mare oil and gas field.&lt;/p&gt;
&lt;p&gt;It confirmed that exploration permit BR269 GC would now run until May 5 2015.&lt;/p&gt;
&lt;p&gt;Ombrina Mare, believed to contain 40 million barrels of oil, is currently affected by Italy&amp;rsquo;s offshore drilling ban &amp;ndash; which applies to areas up to five miles from the coastline and twelve miles from nature reserves.&lt;/p&gt;
&lt;p&gt;However MOG has continued to hold talks with the Italian authorities about the restrictions.&lt;/p&gt;
&lt;p&gt;&quot;We are pleased that this licence extension has been granted and we see this as a positive sign in our on-going discussions with the Italian authorities regarding the issuance of a production concession for our proposed development of the Ombrina Mare field,&amp;rdquo; said chief executive Bill Higgs.&lt;/p&gt;
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	"link" => "http://www.proactiveinvestors.co.uk/companies/news/42514/mediterranean-oil-gas-extends-ombrina-mare-exploration-permit-42514.html"
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	array(
	"id" => "120509mog9358c",
	"title" => "RNS press release - Extension of Exploration Licence",
	"pubdate" => "2012-05-09 07:00:00",
	"seftitle" => "",
	"description" => "",
	"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120509mog9358c/"
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	array(
	"id" => "41778",
	"title" => "News - Mediterranean Oil &amp; Gas: Guendalina gas production in line with Q1 expectations",
	"pubdate" => "2012-04-23 08:13:00",
	"seftitle" => "mediterranean-oil-gas-guendalina-gas-production-in-line-with-q1-expectations-41778.html",
	"description" => "&lt;p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) confirmed that gas production from the Guendalina field was in line with its expectations in the first quarter of 2012.&lt;/p&gt;
&lt;p&gt;Guandalina, a ENI led venture, came on stream in October. Today MOG reported average gross gas production of 580,000 cubic metres per day during the first quarter.&lt;/p&gt;
&lt;p&gt;This equates to 116,000 cubic metres a day for MOG, which has a 20 per cent stake in the venture. MOG will bank first quarter revenues of &amp;euro;4 million as a result.&lt;/p&gt;
&lt;p&gt;Additionally MOG said that a 1,012 square kilometre 3D seismic programme offshore Malta, in Block 4. The results are expected in the early part of the third quarter.&lt;/p&gt;
&lt;p&gt;&quot;We have made a very solid start to the year in delivering both reliable cash flow from our producing assets in Italy, and acquiring the seismic data required to evaluate our prospective resources offshore Malta,&quot; said chief executive Bill Higgs.&lt;/p&gt;
&lt;p&gt;The company told investors that it plans to repay &amp;euro;2 million off its short term loan facility, provided by Och-Ziff Capital Management. The company will then be debt free, it said.&lt;/p&gt;
&lt;p&gt;On the open this morning MOG shares were up 0.4p, or 6 per cent, trading at 6.25p each on AIM.&lt;/p&gt;
&lt;/p&gt; ",
	"link" => "http://www.proactiveinvestors.co.uk/companies/news/41778/mediterranean-oil-gas-guendalina-gas-production-in-line-with-q1-expectations-41778.html"
),
	array(
	"id" => "120423mog8150b",
	"title" => "RNS press release - Operations Update",
	"pubdate" => "2012-04-23 07:00:00",
	"seftitle" => "",
	"description" => "",
	"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120423mog8150b/"
),
	array(
	"id" => "120322mog8868z",
	"title" => "RNS press release - Grant of Options",
	"pubdate" => "2012-03-22 13:03:00",
	"seftitle" => "",
	"description" => "",
	"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120322mog8868z/"
),
	array(
	"id" => "40600",
	"title" => "News - Mediterranean Oil &amp; Gas sales deal for Guendalina to start earlier than previously announced",
	"pubdate" => "2012-03-22 08:24:00",
	"seftitle" => "mediterranean-oil-gas-sales-deal-for-guendalina-to-start-earlier-than-previously-announced-40600.html",
	"description" => "&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) has amended the sales agreement announced a fortnight ago for its gas from the Guendalina field offshore Italy, to start from April 1 2012.&lt;br /&gt;&lt;br /&gt;The company told investors on March 8 that RePower Italia had agreed to buy the group&amp;rsquo;s entire net gas production from Guendalina over an initial period of one &amp;lsquo;thermal&amp;rsquo; year, to start on October 1 2012 and ending on September 31 2013, with automatic renewals afterwards.&lt;br /&gt;&lt;br /&gt;The deal has now been amended and RePower will take the group&amp;rsquo;s whole net output from April 1.&amp;nbsp;MOG&amp;rsquo;s existing deal with Energetic SpA will terminate on March 31.&lt;br /&gt;&lt;br /&gt;The field is a joint venture with ENI, which has an 80 per cent interest and is the operator.&lt;br /&gt;&lt;br /&gt;Production began in October. Initial production figures, released in November, showed that Guendalina&amp;rsquo;s contribution had quadrupled the firm&amp;rsquo;s gas production from 40,000 cubic metres per day to 160,000 cubic metres.&lt;br /&gt;&lt;br /&gt;Last month, MOG reported a 42 per cent increase in the proven and probable reserves of the field.&lt;br /&gt;&lt;br /&gt;The figure rises to a gross 31.2 billion cubic feet of recoverable 2P reserves, with 6.2 billion cubic feet net to MOG.&lt;/p&gt;
&lt;p&gt;The upgrade was the result of a revised independent competent persons&amp;rsquo; report produced by RPS Energy, which gives a net present value of MOG&#039;s 2P net reserves of &amp;euro;27.2 million using a 10 per cent discount rate.&lt;/p&gt; ",
	"link" => "http://www.proactiveinvestors.co.uk/companies/news/40600/mediterranean-oil-gas-sales-deal-for-guendalina-to-start-earlier-than-previously-announced-40600.html"
),
	array(
	"id" => "120322mog8277z",
	"title" => "RNS press release - Gas Sale Contract",
	"pubdate" => "2012-03-22 07:00:00",
	"seftitle" => "",
	"description" => "",
	"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120322mog8277z/"
),
	array(
	"id" => "40277",
	"title" => "News - Mediterranean Oil &amp; Gas hires Bill Higgs as new CEO",
	"pubdate" => "2012-03-15 08:15:00",
	"seftitle" => "mediterranean-oil-gas-hires-bill-higgs-as-new-ceo-40277.html",
	"description" => "&lt;p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) has hired former Chevron strategist Dr Bill Higgs as its new chief executive.&lt;/p&gt;
&lt;p&gt;Higgs has over 23 years experience in the oil and gas industry. Most recently he was senior vice president of operations in Chevron&amp;rsquo;s Saudi Arabia and Kuwait unit. Prior to that he was Chevron&amp;rsquo;s chief strategist, responsible for setting strategy for the oil major&amp;rsquo;s executive leaders.&lt;/p&gt;
&lt;p&gt;&quot;We are delighted that Bill has agreed to become our chief executive officer, bringing his extensive experience of international exploration and development to our board,&amp;rdquo; said chairman Keith Henry.&lt;/p&gt;
&lt;p&gt;&amp;ldquo;His broad expertise and proven innovative and strategic leadership will be invaluable to the company.&quot;&lt;/p&gt;
&lt;p&gt;Higgs said: &quot;I am very much looking forward to working with the Board to help grow Mediterranean Oil and Gas.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;ldquo;This is a very exciting time for the company as we have a strong portfolio and there are many additional opportunities within the greater Mediterranean area.&quot;&lt;/p&gt;
&lt;p&gt;Higgs officially joins the company next Monday. Interim CEO Sergio Morandi will then revert to his prior position of chief operating officer.&lt;/p&gt;
&lt;/p&gt; ",
	"link" => "http://www.proactiveinvestors.co.uk/companies/news/40277/mediterranean-oil-gas-hires-bill-higgs-as-new-ceo-40277.html"
),
	array(
	"id" => "120315mog3859z",
	"title" => "RNS press release - Board Appointment",
	"pubdate" => "2012-03-15 07:00:00",
	"seftitle" => "",
	"description" => "",
	"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120315mog3859z/"
),
	array(
	"id" => "39955",
	"title" => "News - Mediterranean Oil &amp; Gas agrees new gas sales deal for Guendalina",
	"pubdate" => "2012-03-08 07:18:00",
	"seftitle" => "mediterranean-oil-gas-agrees-new-gas-sales-deal-for-guendalina-39955.html",
	"description" => "&lt;p&gt;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) today revealed it has agreed a deal to sell its entire net gas production from the Guendalina gas field.&lt;/p&gt;
&lt;p&gt;Repower Italia has agreed to buy the gas over an initial period of one &amp;lsquo;thermal&amp;rsquo; year. The contract renews automatically at the end of the initial period, unless terminated by either party.&lt;/p&gt;
&lt;p&gt;The field is a joint venture with ENI, which has an 80 per cent interest and is the operator.&lt;/p&gt;
&lt;p&gt;Production began in October. Initial production figures, released in November, showed that Guendalina&amp;rsquo;s contribution had quadrupled the firm&amp;rsquo;s gas production from 40,000 cubic metres per day to 160,000 cubic metres.&lt;/p&gt;
&lt;p&gt;Last month MOG reported a 42 per cent increase in the proven and probable reserves of the Guendalina gas field, offshore Italy.&lt;/p&gt;
&lt;p&gt;The figure rises to a gross 31.2 billion cubic feet of recoverable 2P reserves, with 6.2bcf net to MOG, which has 20 per cent of Guendalina. The field, 47 miles of the Italian coast, is majority owned by the local major ENI.&lt;/p&gt;
&lt;p&gt;The upgrade was the result of a revised independent competent persons&amp;rsquo; report produced by RPS Energy, which gives a net present value of MOG&#039;s 2P net reserves of &amp;euro;27.2 million using a 10 per cent discount rate.&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&lt;/p&gt; ",
	"link" => "http://www.proactiveinvestors.co.uk/companies/news/39955/mediterranean-oil-gas-agrees-new-gas-sales-deal-for-guendalina-39955.html"
),
	array(
	"id" => "120308mog9040y",
	"title" => "RNS press release - Announcement of Gas Sale Contract",
	"pubdate" => "2012-03-08 07:00:00",
	"seftitle" => "",
	"description" => "",
	"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120308mog9040y/"
),
	array(
	"id" => "39030",
	"title" => "News - Mediterranean Oil &amp; Gas: Panmure Gordon looks at share price catalysts ",
	"pubdate" => "2012-02-15 14:31:00",
	"seftitle" => "mediterranean-oil-gas-panmure-gordon-looks-at-share-price-catalysts--39030.html",
	"description" => "&lt;p&gt;Exploration in Italy and Malta may provide key catalysts for Mediterranean Oil &amp;amp; Gas to migrate from being a junior gas producer to a mid-cap E&amp;amp;P player, according to City broker Panmure Gordon.&lt;/p&gt;",
	"link" => "http://www.proactiveinvestors.co.uk/companies/news/39030/mediterranean-oil-gas-panmure-gordon-looks-at-share-price-catalysts--39030.html"
),
	array(
	"id" => "",
	"title" => "Broker press",
	"pubdate" => "2012-02-15 00:00:00",
	"seftitle" => "",
	"description" => "15.02.12 :-0.25, (5) Panmure Gordon initiates coverage with a &quot;hold&quot; rating and 6.3p price target.",
	"link" => ""
),
	array(
	"id" => "38954",
	"title" => "News - Mediterranean Oil &amp; Gas: Director Donnelly ups stake in firm",
	"pubdate" => "2012-02-14 08:22:00",
	"seftitle" => "mediterranean-oil-gas-director-donnelly-ups-stake-in-firm-38954.html",
	"description" => "&lt;p&gt;&lt;a href=&quot;http://proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) announced today that director Miles Donnelly has upped his stake in the company.&lt;br /&gt;&lt;br /&gt;The transaction took place yesterday and involved the purchase of 360,000 shares at 4.8 pence each, for a total cost of more than &amp;pound;17,200.&lt;br /&gt;&lt;br /&gt;Following the purchase, Donnelly is interested in 4.385 per cent of the company.&lt;br /&gt;&lt;br /&gt;Donnelly also holds 1 million options to subscribe for shares in the firm with an exercise price of 6 pence that expire on January 19, 2022.&lt;br /&gt;&lt;br /&gt;AIM-quoted MOG is an oil and gas company focused on the Mediterranean area.&lt;br /&gt;&lt;br /&gt;Earlier this month, the company said it had drawn down &amp;euro;2 million of its short term loan for up to &amp;euro;3.5 million to pay for work at its offshore Maltese licence.&lt;br /&gt;&amp;nbsp;&lt;br /&gt;As reported last year, the funds will help the firm pay for the acquisition and processing of 1,000 sq m of 3D seismic over the Area 4 licence offshore Malta under the PSC (production sharing contract) signed with the Maltese Government in 2008.&lt;br /&gt;&lt;br /&gt;The results of the survey should be ready towards the end of the first quarter this year, the firm revealed.&lt;/p&gt; ",
	"link" => "http://www.proactiveinvestors.co.uk/companies/news/38954/mediterranean-oil-gas-director-donnelly-ups-stake-in-firm-38954.html"
),
	array(
	"id" => "120214mog3335x",
	"title" => "RNS press release - Director/PDMR Shareholding",
	"pubdate" => "2012-02-14 07:01:00",
	"seftitle" => "",
	"description" => "",
	"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120214mog3335x/"
),
	array(
	"id" => "38677",
	"title" => "News - Mediterranean Oil &amp; Gas draws down on loan facility for Area 4 licence",
	"pubdate" => "2012-02-07 07:27:00",
	"seftitle" => "mediterranean-oil-gas-draws-down-on-loan-facility-for-area-4-licence-38677.html",
	"description" => "&lt;p&gt;&lt;a href=&quot;http://proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; Plc (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) has drawn down &amp;euro;2 million of its short term loan for up to &amp;euro;3.5 mln to pay for work at its offshore Maltese licence.&lt;br /&gt;&amp;nbsp;&lt;br /&gt;As reported last November, the funds will help the firm pay for the acquisition and processing of 1,000 sq m of 3D seismic over the Area 4 licence offshore Malta under the PSC (production sharing contract) signed with the Maltese Government in 2008.&lt;br /&gt;&lt;br /&gt;The firm entered a contract with Fugro-Geoteam Pty Ltd which carried out the seismic work, which was completed in December.&lt;br /&gt;&lt;br /&gt;The results of the survey should be ready towards the end of the first quarter this year, the firm has said.&lt;br /&gt;&lt;br /&gt;MOG entered into the PSC in 2008 following an encouraging geological and geophysical pre-assessment of Area 4 undertaken by the company and its consultants.&lt;br /&gt;&lt;br /&gt;Four prospects and five leads have been confirmed and delineated in the PSC area and the total un-risked hydrocarbon potential of the PSC Area is estimated to be around&amp;nbsp; 5 billion barrels of oil in place with the resultant total &#039;most likely case&#039; un-risked prospective recoverable oil resources being about 1,500 MMbbls.&lt;br /&gt;&lt;br /&gt;The secured loan is with affiliated investment funds of Och-Ziff Capital Management Group (Och Ziff) - the firm&#039;s largest shareholder.&lt;br /&gt;&lt;br /&gt;Earlier this month, the company unveiled a 42 per cent increase in the proven and probable reserves of the Guendalina gas field, offshore Italy.&lt;br /&gt;&lt;br /&gt;The figure rises to a gross 31.2 billion cubic feet of recoverable 2P reserves, with 6.2bcf net to MOG, which has 20 per cent of Guendalina. The field, 47 miles of the Italian coast, is majority owned by the local major ENI.&lt;br /&gt;&lt;br /&gt;The upgrade was the result of a revised independent competent persons&amp;rsquo; report produced by RPS Energy, which gives a net present value of MOG&#039;s 2P net reserves of &amp;euro;27.2 million using a 10 per cent discount rate.&lt;/p&gt; ",
	"link" => "http://www.proactiveinvestors.co.uk/companies/news/38677/mediterranean-oil-gas-draws-down-on-loan-facility-for-area-4-licence-38677.html"
),
	array(
	"id" => "120207mog8803w",
	"title" => "RNS press release - Update on Malta, Offshore Area 4",
	"pubdate" => "2012-02-07 07:00:00",
	"seftitle" => "",
	"description" => "",
	"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120207mog8803w/"
),
	array(
	"id" => "38441",
	"title" => "News - Mediterranean Oil &amp; Gas says updated CPR gives Guendalina a 42 per cent bump",
	"pubdate" => "2012-02-01 07:37:00",
	"seftitle" => "mediterranean-oil-gas-says-updated-cpr-gives-guendalina-a-42-per-cent-bump-38441.html",
	"description" => "&lt;p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; Plc (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) this morning unveiled a 42 per cent increase in the proven and probable reserves of the Guendalina gas field, offshore Italy.&lt;/p&gt;
&lt;p&gt;The figure rises to a gross 31.2 billion cubic feet of recoverable 2P reserves, with 6.2bcf net to MOG, which has 20 per cent of Guendalina. The field, 47 miless of the Italian coast, is majority owned by the local major ENI.&lt;/p&gt;
&lt;p&gt;The upgrade was the result of a revised independent competent persons&amp;rsquo; report produced by RPS Energy, which gives a net present value of MOG&#039;s 2P net reserves of &amp;euro;27.2 million using a 10 per cent discount rate.&lt;/p&gt;
&lt;p&gt;Sergio Morandi, the company&amp;rsquo;s chief operating officer, said: &quot;We are very pleased to announce that, following the successful start-up of the Guendalina field last October, daily gas production is meeting our pre-development forecasts.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;ldquo;Guendalina&#039;s good production rate, combined with RPS&#039;s independent valuation which increases our recoverable 2P reserves by 42 per cent, is a key milestone for the development of our business plan and significantly increases the company&#039;s net production and revenues.&quot;&lt;/p&gt;
&lt;p&gt;Last month MOG confirmed it had transferred the gas sales contract for the Guendalina gas field to Italian utility Energetic with the new arrangement coming into effect today.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Net revenues from the field are expected to be around &amp;euro;12 million per year. This is based on anticipated production of around 20 million cubic feet of gas per day (20 percent net to MOG) and forecast gas prices.&lt;/p&gt;
&lt;p&gt;Production began in October. Initial production figures, released in November, showed that Guendalina&amp;rsquo;s contribution had quadrupled the firm&amp;rsquo;s gas production from 40,000 cubic metres per day to 160,000 cubic metres.&lt;/p&gt;
&lt;/p&gt; ",
	"link" => "http://www.proactiveinvestors.co.uk/companies/news/38441/mediterranean-oil-gas-says-updated-cpr-gives-guendalina-a-42-per-cent-bump-38441.html"
),
	array(
	"id" => "120201mog5491w",
	"title" => "RNS press release - Independent Reserves Certification",
	"pubdate" => "2012-02-01 07:00:00",
	"seftitle" => "",
	"description" => "",
	"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120201mog5491w/"
)
)
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	&lt;title&gt;Proactiveinvestors United Kingdom Mediterranean Oil &amp;amp; Gas&lt;/title&gt;
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	&lt;description&gt;Proactiveinvestors United Kingdom Mediterranean Oil &amp;amp; Gas RSS feed
            &lt;/description&gt;
	&lt;language&gt;en&lt;/language&gt;
	&lt;pubDate&gt;Wed, 23 May 2012 15:19:09 +0100&lt;/pubDate&gt;
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	&lt;atom:link href=&quot;http://www.proactiveinvestors.co.uk/LON:MOG/Mediterranean-Oil-Gas/all_news&quot; rel=&quot;self&quot; type=&quot;application/rss+xml&quot; /&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas extends Ombrina Mare exploration permit - UPDATE ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/42552/mediterranean-oil-gas-extends-ombrina-mare-exploration-permit-update-42552.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;
&lt;p&gt;&lt;strong&gt;---Adds broker comment---&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) today announced a three year extension to the exploration licence that hosts the Ombrina Mare oil and gas field.&lt;/p&gt;
&lt;p&gt;It confirmed that exploration permit BR269 GC would now run until May 5 2015.&lt;/p&gt;
&lt;p&gt;Ombrina Mare, believed to contain 40 million barrels of oil, is currently affected by Italy&amp;rsquo;s offshore drilling ban &amp;ndash; which applies to areas up to five miles from the coastline and twelve miles from nature reserves.&lt;/p&gt;
&lt;p&gt;However MOG has continued to hold talks with the Italian authorities about the restrictions.&lt;/p&gt;
&lt;p&gt;&quot;We are pleased that this licence extension has been granted and we see this as a positive sign in our on-going discussions with the Italian authorities regarding the issuance of a production concession for our proposed development of the Ombrina Mare field,&amp;rdquo; said chief executive Bill Higgs.&lt;/p&gt;
&lt;p&gt;Meanwhile,&amp;nbsp;Panmure Gordon analyst Leila Reddy said:&amp;nbsp;&amp;ldquo;This extension is indeed a positive development, as it strengthens MOG&amp;rsquo;s arguments for a resumption of activities in this field.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;ldquo;We are cautiously optimistic that in time Ombrina Mare will be commercialised.&amp;rdquo;&lt;/p&gt;
&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Wed, 09 May 2012 15:14:00 +0100&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/42552/mediterranean-oil-gas-extends-ombrina-mare-exploration-permit-update-42552.html&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas extends Ombrina Mare exploration permit ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/42514/mediterranean-oil-gas-extends-ombrina-mare-exploration-permit-42514.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) today announced a three year extension to the exploration licence that hosts the Ombrina Mare oil and gas field.&lt;/p&gt;
&lt;p&gt;It confirmed that exploration permit BR269 GC would now run until May 5 2015.&lt;/p&gt;
&lt;p&gt;Ombrina Mare, believed to contain 40 million barrels of oil, is currently affected by Italy&amp;rsquo;s offshore drilling ban &amp;ndash; which applies to areas up to five miles from the coastline and twelve miles from nature reserves.&lt;/p&gt;
&lt;p&gt;However MOG has continued to hold talks with the Italian authorities about the restrictions.&lt;/p&gt;
&lt;p&gt;&quot;We are pleased that this licence extension has been granted and we see this as a positive sign in our on-going discussions with the Italian authorities regarding the issuance of a production concession for our proposed development of the Ombrina Mare field,&amp;rdquo; said chief executive Bill Higgs.&lt;/p&gt;
&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Wed, 09 May 2012 07:30:00 +0100&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/42514/mediterranean-oil-gas-extends-ombrina-mare-exploration-permit-42514.html&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[RNS press release - Extension of Exploration Licence ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120509mog9358c/&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Wed, 09 May 2012 07:00:00 +0100&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/rns/120509mog9358c/&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas: Guendalina gas production in line with Q1 expectations ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/41778/mediterranean-oil-gas-guendalina-gas-production-in-line-with-q1-expectations-41778.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) confirmed that gas production from the Guendalina field was in line with its expectations in the first quarter of 2012.&lt;/p&gt;
&lt;p&gt;Guandalina, a ENI led venture, came on stream in October. Today MOG reported average gross gas production of 580,000 cubic metres per day during the first quarter.&lt;/p&gt;
&lt;p&gt;This equates to 116,000 cubic metres a day for MOG, which has a 20 per cent stake in the venture. MOG will bank first quarter revenues of &amp;euro;4 million as a result.&lt;/p&gt;
&lt;p&gt;Additionally MOG said that a 1,012 square kilometre 3D seismic programme offshore Malta, in Block 4. The results are expected in the early part of the third quarter.&lt;/p&gt;
&lt;p&gt;&quot;We have made a very solid start to the year in delivering both reliable cash flow from our producing assets in Italy, and acquiring the seismic data required to evaluate our prospective resources offshore Malta,&quot; said chief executive Bill Higgs.&lt;/p&gt;
&lt;p&gt;The company told investors that it plans to repay &amp;euro;2 million off its short term loan facility, provided by Och-Ziff Capital Management. The company will then be debt free, it said.&lt;/p&gt;
&lt;p&gt;On the open this morning MOG shares were up 0.4p, or 6 per cent, trading at 6.25p each on AIM.&lt;/p&gt;
&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Mon, 23 Apr 2012 08:13:00 +0100&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/41778/mediterranean-oil-gas-guendalina-gas-production-in-line-with-q1-expectations-41778.html&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[RNS press release - Operations Update ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120423mog8150b/&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Mon, 23 Apr 2012 07:00:00 +0100&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/rns/120423mog8150b/&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[RNS press release - Grant of Options ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120322mog8868z/&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Thu, 22 Mar 2012 13:03:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/rns/120322mog8868z/&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas sales deal for Guendalina to start earlier than previously announced ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/40600/mediterranean-oil-gas-sales-deal-for-guendalina-to-start-earlier-than-previously-announced-40600.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) has amended the sales agreement announced a fortnight ago for its gas from the Guendalina field offshore Italy, to start from April 1 2012.&lt;br /&gt;&lt;br /&gt;The company told investors on March 8 that RePower Italia had agreed to buy the group&amp;rsquo;s entire net gas production from Guendalina over an initial period of one &amp;lsquo;thermal&amp;rsquo; year, to start on October 1 2012 and ending on September 31 2013, with automatic renewals afterwards.&lt;br /&gt;&lt;br /&gt;The deal has now been amended and RePower will take the group&amp;rsquo;s whole net output from April 1.&amp;nbsp;MOG&amp;rsquo;s existing deal with Energetic SpA will terminate on March 31.&lt;br /&gt;&lt;br /&gt;The field is a joint venture with ENI, which has an 80 per cent interest and is the operator.&lt;br /&gt;&lt;br /&gt;Production began in October. Initial production figures, released in November, showed that Guendalina&amp;rsquo;s contribution had quadrupled the firm&amp;rsquo;s gas production from 40,000 cubic metres per day to 160,000 cubic metres.&lt;br /&gt;&lt;br /&gt;Last month, MOG reported a 42 per cent increase in the proven and probable reserves of the field.&lt;br /&gt;&lt;br /&gt;The figure rises to a gross 31.2 billion cubic feet of recoverable 2P reserves, with 6.2 billion cubic feet net to MOG.&lt;/p&gt;
&lt;p&gt;The upgrade was the result of a revised independent competent persons&amp;rsquo; report produced by RPS Energy, which gives a net present value of MOG&#039;s 2P net reserves of &amp;euro;27.2 million using a 10 per cent discount rate.&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Thu, 22 Mar 2012 08:24:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/40600/mediterranean-oil-gas-sales-deal-for-guendalina-to-start-earlier-than-previously-announced-40600.html&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[RNS press release - Gas Sale Contract ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120322mog8277z/&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Thu, 22 Mar 2012 07:00:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/rns/120322mog8277z/&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas hires Bill Higgs as new CEO ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/40277/mediterranean-oil-gas-hires-bill-higgs-as-new-ceo-40277.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) has hired former Chevron strategist Dr Bill Higgs as its new chief executive.&lt;/p&gt;
&lt;p&gt;Higgs has over 23 years experience in the oil and gas industry. Most recently he was senior vice president of operations in Chevron&amp;rsquo;s Saudi Arabia and Kuwait unit. Prior to that he was Chevron&amp;rsquo;s chief strategist, responsible for setting strategy for the oil major&amp;rsquo;s executive leaders.&lt;/p&gt;
&lt;p&gt;&quot;We are delighted that Bill has agreed to become our chief executive officer, bringing his extensive experience of international exploration and development to our board,&amp;rdquo; said chairman Keith Henry.&lt;/p&gt;
&lt;p&gt;&amp;ldquo;His broad expertise and proven innovative and strategic leadership will be invaluable to the company.&quot;&lt;/p&gt;
&lt;p&gt;Higgs said: &quot;I am very much looking forward to working with the Board to help grow Mediterranean Oil and Gas.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;ldquo;This is a very exciting time for the company as we have a strong portfolio and there are many additional opportunities within the greater Mediterranean area.&quot;&lt;/p&gt;
&lt;p&gt;Higgs officially joins the company next Monday. Interim CEO Sergio Morandi will then revert to his prior position of chief operating officer.&lt;/p&gt;
&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Thu, 15 Mar 2012 08:15:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/40277/mediterranean-oil-gas-hires-bill-higgs-as-new-ceo-40277.html&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[RNS press release - Board Appointment ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120315mog3859z/&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Thu, 15 Mar 2012 07:00:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/rns/120315mog3859z/&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas agrees new gas sales deal for Guendalina ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/39955/mediterranean-oil-gas-agrees-new-gas-sales-deal-for-guendalina-39955.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) today revealed it has agreed a deal to sell its entire net gas production from the Guendalina gas field.&lt;/p&gt;
&lt;p&gt;Repower Italia has agreed to buy the gas over an initial period of one &amp;lsquo;thermal&amp;rsquo; year. The contract renews automatically at the end of the initial period, unless terminated by either party.&lt;/p&gt;
&lt;p&gt;The field is a joint venture with ENI, which has an 80 per cent interest and is the operator.&lt;/p&gt;
&lt;p&gt;Production began in October. Initial production figures, released in November, showed that Guendalina&amp;rsquo;s contribution had quadrupled the firm&amp;rsquo;s gas production from 40,000 cubic metres per day to 160,000 cubic metres.&lt;/p&gt;
&lt;p&gt;Last month MOG reported a 42 per cent increase in the proven and probable reserves of the Guendalina gas field, offshore Italy.&lt;/p&gt;
&lt;p&gt;The figure rises to a gross 31.2 billion cubic feet of recoverable 2P reserves, with 6.2bcf net to MOG, which has 20 per cent of Guendalina. The field, 47 miles of the Italian coast, is majority owned by the local major ENI.&lt;/p&gt;
&lt;p&gt;The upgrade was the result of a revised independent competent persons&amp;rsquo; report produced by RPS Energy, which gives a net present value of MOG&#039;s 2P net reserves of &amp;euro;27.2 million using a 10 per cent discount rate.&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Thu, 08 Mar 2012 07:18:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/39955/mediterranean-oil-gas-agrees-new-gas-sales-deal-for-guendalina-39955.html&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[RNS press release - Announcement of Gas Sale Contract ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120308mog9040y/&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Thu, 08 Mar 2012 07:00:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/rns/120308mog9040y/&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas: Panmure Gordon looks at share price catalysts  ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/39030/mediterranean-oil-gas-panmure-gordon-looks-at-share-price-catalysts--39030.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;Exploration in Italy and Malta may provide key catalysts for Mediterranean Oil &amp;amp; Gas to migrate from being a junior gas producer to a mid-cap E&amp;amp;P player, according to City broker Panmure Gordon.&lt;/p&gt;]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Wed, 15 Feb 2012 14:31:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/39030/mediterranean-oil-gas-panmure-gordon-looks-at-share-price-catalysts--39030.html&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[Broker press ]]&gt;&lt;/title&gt;
			&lt;link&gt;&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[15.02.12 :-0.25, (5) Panmure Gordon initiates coverage with a &quot;hold&quot; rating and 6.3p price target.]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Wed, 15 Feb 2012 00:00:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas: Director Donnelly ups stake in firm ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/38954/mediterranean-oil-gas-director-donnelly-ups-stake-in-firm-38954.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;&lt;a href=&quot;http://proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) announced today that director Miles Donnelly has upped his stake in the company.&lt;br /&gt;&lt;br /&gt;The transaction took place yesterday and involved the purchase of 360,000 shares at 4.8 pence each, for a total cost of more than &amp;pound;17,200.&lt;br /&gt;&lt;br /&gt;Following the purchase, Donnelly is interested in 4.385 per cent of the company.&lt;br /&gt;&lt;br /&gt;Donnelly also holds 1 million options to subscribe for shares in the firm with an exercise price of 6 pence that expire on January 19, 2022.&lt;br /&gt;&lt;br /&gt;AIM-quoted MOG is an oil and gas company focused on the Mediterranean area.&lt;br /&gt;&lt;br /&gt;Earlier this month, the company said it had drawn down &amp;euro;2 million of its short term loan for up to &amp;euro;3.5 million to pay for work at its offshore Maltese licence.&lt;br /&gt;&amp;nbsp;&lt;br /&gt;As reported last year, the funds will help the firm pay for the acquisition and processing of 1,000 sq m of 3D seismic over the Area 4 licence offshore Malta under the PSC (production sharing contract) signed with the Maltese Government in 2008.&lt;br /&gt;&lt;br /&gt;The results of the survey should be ready towards the end of the first quarter this year, the firm revealed.&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Tue, 14 Feb 2012 08:22:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/38954/mediterranean-oil-gas-director-donnelly-ups-stake-in-firm-38954.html&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[RNS press release - Director/PDMR Shareholding ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120214mog3335x/&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Tue, 14 Feb 2012 07:01:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/rns/120214mog3335x/&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas draws down on loan facility for Area 4 licence ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/38677/mediterranean-oil-gas-draws-down-on-loan-facility-for-area-4-licence-38677.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;&lt;a href=&quot;http://proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; Plc (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) has drawn down &amp;euro;2 million of its short term loan for up to &amp;euro;3.5 mln to pay for work at its offshore Maltese licence.&lt;br /&gt;&amp;nbsp;&lt;br /&gt;As reported last November, the funds will help the firm pay for the acquisition and processing of 1,000 sq m of 3D seismic over the Area 4 licence offshore Malta under the PSC (production sharing contract) signed with the Maltese Government in 2008.&lt;br /&gt;&lt;br /&gt;The firm entered a contract with Fugro-Geoteam Pty Ltd which carried out the seismic work, which was completed in December.&lt;br /&gt;&lt;br /&gt;The results of the survey should be ready towards the end of the first quarter this year, the firm has said.&lt;br /&gt;&lt;br /&gt;MOG entered into the PSC in 2008 following an encouraging geological and geophysical pre-assessment of Area 4 undertaken by the company and its consultants.&lt;br /&gt;&lt;br /&gt;Four prospects and five leads have been confirmed and delineated in the PSC area and the total un-risked hydrocarbon potential of the PSC Area is estimated to be around&amp;nbsp; 5 billion barrels of oil in place with the resultant total &#039;most likely case&#039; un-risked prospective recoverable oil resources being about 1,500 MMbbls.&lt;br /&gt;&lt;br /&gt;The secured loan is with affiliated investment funds of Och-Ziff Capital Management Group (Och Ziff) - the firm&#039;s largest shareholder.&lt;br /&gt;&lt;br /&gt;Earlier this month, the company unveiled a 42 per cent increase in the proven and probable reserves of the Guendalina gas field, offshore Italy.&lt;br /&gt;&lt;br /&gt;The figure rises to a gross 31.2 billion cubic feet of recoverable 2P reserves, with 6.2bcf net to MOG, which has 20 per cent of Guendalina. The field, 47 miles of the Italian coast, is majority owned by the local major ENI.&lt;br /&gt;&lt;br /&gt;The upgrade was the result of a revised independent competent persons&amp;rsquo; report produced by RPS Energy, which gives a net present value of MOG&#039;s 2P net reserves of &amp;euro;27.2 million using a 10 per cent discount rate.&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Tue, 07 Feb 2012 07:27:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/38677/mediterranean-oil-gas-draws-down-on-loan-facility-for-area-4-licence-38677.html&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[RNS press release - Update on Malta, Offshore Area 4 ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120207mog8803w/&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Tue, 07 Feb 2012 07:00:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/rns/120207mog8803w/&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas says updated CPR gives Guendalina a 42 per cent bump ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/38441/mediterranean-oil-gas-says-updated-cpr-gives-guendalina-a-42-per-cent-bump-38441.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; Plc (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) this morning unveiled a 42 per cent increase in the proven and probable reserves of the Guendalina gas field, offshore Italy.&lt;/p&gt;
&lt;p&gt;The figure rises to a gross 31.2 billion cubic feet of recoverable 2P reserves, with 6.2bcf net to MOG, which has 20 per cent of Guendalina. The field, 47 miless of the Italian coast, is majority owned by the local major ENI.&lt;/p&gt;
&lt;p&gt;The upgrade was the result of a revised independent competent persons&amp;rsquo; report produced by RPS Energy, which gives a net present value of MOG&#039;s 2P net reserves of &amp;euro;27.2 million using a 10 per cent discount rate.&lt;/p&gt;
&lt;p&gt;Sergio Morandi, the company&amp;rsquo;s chief operating officer, said: &quot;We are very pleased to announce that, following the successful start-up of the Guendalina field last October, daily gas production is meeting our pre-development forecasts.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;ldquo;Guendalina&#039;s good production rate, combined with RPS&#039;s independent valuation which increases our recoverable 2P reserves by 42 per cent, is a key milestone for the development of our business plan and significantly increases the company&#039;s net production and revenues.&quot;&lt;/p&gt;
&lt;p&gt;Last month MOG confirmed it had transferred the gas sales contract for the Guendalina gas field to Italian utility Energetic with the new arrangement coming into effect today.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Net revenues from the field are expected to be around &amp;euro;12 million per year. This is based on anticipated production of around 20 million cubic feet of gas per day (20 percent net to MOG) and forecast gas prices.&lt;/p&gt;
&lt;p&gt;Production began in October. Initial production figures, released in November, showed that Guendalina&amp;rsquo;s contribution had quadrupled the firm&amp;rsquo;s gas production from 40,000 cubic metres per day to 160,000 cubic metres.&lt;/p&gt;
&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Wed, 01 Feb 2012 07:37:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/38441/mediterranean-oil-gas-says-updated-cpr-gives-guendalina-a-42-per-cent-bump-38441.html&lt;/guid&gt;
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			&lt;title&gt;&lt;![CDATA[RNS press release - Independent Reserves Certification ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120201mog5491w/&lt;/link&gt;
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			&lt;pubDate&gt;Wed, 01 Feb 2012 07:00:00 +0000&lt;/pubDate&gt;
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	&lt;title&gt;Proactiveinvestors United Kingdom Mediterranean Oil &amp;amp; Gas&lt;/title&gt;
	&lt;link&gt;http://www.proactiveinvestors.co.uk&lt;/link&gt;
	&lt;description&gt;Proactiveinvestors United Kingdom Mediterranean Oil &amp;amp; Gas RSS feed
            &lt;/description&gt;
	&lt;language&gt;en&lt;/language&gt;
	&lt;pubDate&gt;Wed, 23 May 2012 15:19:09 +0100&lt;/pubDate&gt;
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			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas extends Ombrina Mare exploration permit - UPDATE ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/42552/mediterranean-oil-gas-extends-ombrina-mare-exploration-permit-update-42552.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;
&lt;p&gt;&lt;strong&gt;---Adds broker comment---&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) today announced a three year extension to the exploration licence that hosts the Ombrina Mare oil and gas field.&lt;/p&gt;
&lt;p&gt;It confirmed that exploration permit BR269 GC would now run until May 5 2015.&lt;/p&gt;
&lt;p&gt;Ombrina Mare, believed to contain 40 million barrels of oil, is currently affected by Italy&amp;rsquo;s offshore drilling ban &amp;ndash; which applies to areas up to five miles from the coastline and twelve miles from nature reserves.&lt;/p&gt;
&lt;p&gt;However MOG has continued to hold talks with the Italian authorities about the restrictions.&lt;/p&gt;
&lt;p&gt;&quot;We are pleased that this licence extension has been granted and we see this as a positive sign in our on-going discussions with the Italian authorities regarding the issuance of a production concession for our proposed development of the Ombrina Mare field,&amp;rdquo; said chief executive Bill Higgs.&lt;/p&gt;
&lt;p&gt;Meanwhile,&amp;nbsp;Panmure Gordon analyst Leila Reddy said:&amp;nbsp;&amp;ldquo;This extension is indeed a positive development, as it strengthens MOG&amp;rsquo;s arguments for a resumption of activities in this field.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;ldquo;We are cautiously optimistic that in time Ombrina Mare will be commercialised.&amp;rdquo;&lt;/p&gt;
&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Wed, 09 May 2012 15:14:00 +0100&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/42552/mediterranean-oil-gas-extends-ombrina-mare-exploration-permit-update-42552.html&lt;/guid&gt;
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			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas extends Ombrina Mare exploration permit ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/42514/mediterranean-oil-gas-extends-ombrina-mare-exploration-permit-42514.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) today announced a three year extension to the exploration licence that hosts the Ombrina Mare oil and gas field.&lt;/p&gt;
&lt;p&gt;It confirmed that exploration permit BR269 GC would now run until May 5 2015.&lt;/p&gt;
&lt;p&gt;Ombrina Mare, believed to contain 40 million barrels of oil, is currently affected by Italy&amp;rsquo;s offshore drilling ban &amp;ndash; which applies to areas up to five miles from the coastline and twelve miles from nature reserves.&lt;/p&gt;
&lt;p&gt;However MOG has continued to hold talks with the Italian authorities about the restrictions.&lt;/p&gt;
&lt;p&gt;&quot;We are pleased that this licence extension has been granted and we see this as a positive sign in our on-going discussions with the Italian authorities regarding the issuance of a production concession for our proposed development of the Ombrina Mare field,&amp;rdquo; said chief executive Bill Higgs.&lt;/p&gt;
&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Wed, 09 May 2012 07:30:00 +0100&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/42514/mediterranean-oil-gas-extends-ombrina-mare-exploration-permit-42514.html&lt;/guid&gt;
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			&lt;title&gt;&lt;![CDATA[RNS press release - Extension of Exploration Licence ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120509mog9358c/&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Wed, 09 May 2012 07:00:00 +0100&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/rns/120509mog9358c/&lt;/guid&gt;
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			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas: Guendalina gas production in line with Q1 expectations ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/41778/mediterranean-oil-gas-guendalina-gas-production-in-line-with-q1-expectations-41778.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) confirmed that gas production from the Guendalina field was in line with its expectations in the first quarter of 2012.&lt;/p&gt;
&lt;p&gt;Guandalina, a ENI led venture, came on stream in October. Today MOG reported average gross gas production of 580,000 cubic metres per day during the first quarter.&lt;/p&gt;
&lt;p&gt;This equates to 116,000 cubic metres a day for MOG, which has a 20 per cent stake in the venture. MOG will bank first quarter revenues of &amp;euro;4 million as a result.&lt;/p&gt;
&lt;p&gt;Additionally MOG said that a 1,012 square kilometre 3D seismic programme offshore Malta, in Block 4. The results are expected in the early part of the third quarter.&lt;/p&gt;
&lt;p&gt;&quot;We have made a very solid start to the year in delivering both reliable cash flow from our producing assets in Italy, and acquiring the seismic data required to evaluate our prospective resources offshore Malta,&quot; said chief executive Bill Higgs.&lt;/p&gt;
&lt;p&gt;The company told investors that it plans to repay &amp;euro;2 million off its short term loan facility, provided by Och-Ziff Capital Management. The company will then be debt free, it said.&lt;/p&gt;
&lt;p&gt;On the open this morning MOG shares were up 0.4p, or 6 per cent, trading at 6.25p each on AIM.&lt;/p&gt;
&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Mon, 23 Apr 2012 08:13:00 +0100&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/41778/mediterranean-oil-gas-guendalina-gas-production-in-line-with-q1-expectations-41778.html&lt;/guid&gt;
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			&lt;title&gt;&lt;![CDATA[RNS press release - Operations Update ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120423mog8150b/&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Mon, 23 Apr 2012 07:00:00 +0100&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/rns/120423mog8150b/&lt;/guid&gt;
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			&lt;title&gt;&lt;![CDATA[RNS press release - Grant of Options ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120322mog8868z/&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Thu, 22 Mar 2012 13:03:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/rns/120322mog8868z/&lt;/guid&gt;
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			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas sales deal for Guendalina to start earlier than previously announced ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/40600/mediterranean-oil-gas-sales-deal-for-guendalina-to-start-earlier-than-previously-announced-40600.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) has amended the sales agreement announced a fortnight ago for its gas from the Guendalina field offshore Italy, to start from April 1 2012.&lt;br /&gt;&lt;br /&gt;The company told investors on March 8 that RePower Italia had agreed to buy the group&amp;rsquo;s entire net gas production from Guendalina over an initial period of one &amp;lsquo;thermal&amp;rsquo; year, to start on October 1 2012 and ending on September 31 2013, with automatic renewals afterwards.&lt;br /&gt;&lt;br /&gt;The deal has now been amended and RePower will take the group&amp;rsquo;s whole net output from April 1.&amp;nbsp;MOG&amp;rsquo;s existing deal with Energetic SpA will terminate on March 31.&lt;br /&gt;&lt;br /&gt;The field is a joint venture with ENI, which has an 80 per cent interest and is the operator.&lt;br /&gt;&lt;br /&gt;Production began in October. Initial production figures, released in November, showed that Guendalina&amp;rsquo;s contribution had quadrupled the firm&amp;rsquo;s gas production from 40,000 cubic metres per day to 160,000 cubic metres.&lt;br /&gt;&lt;br /&gt;Last month, MOG reported a 42 per cent increase in the proven and probable reserves of the field.&lt;br /&gt;&lt;br /&gt;The figure rises to a gross 31.2 billion cubic feet of recoverable 2P reserves, with 6.2 billion cubic feet net to MOG.&lt;/p&gt;
&lt;p&gt;The upgrade was the result of a revised independent competent persons&amp;rsquo; report produced by RPS Energy, which gives a net present value of MOG&#039;s 2P net reserves of &amp;euro;27.2 million using a 10 per cent discount rate.&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Thu, 22 Mar 2012 08:24:00 +0000&lt;/pubDate&gt;
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			&lt;title&gt;&lt;![CDATA[RNS press release - Gas Sale Contract ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120322mog8277z/&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Thu, 22 Mar 2012 07:00:00 +0000&lt;/pubDate&gt;
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			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas hires Bill Higgs as new CEO ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/40277/mediterranean-oil-gas-hires-bill-higgs-as-new-ceo-40277.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) has hired former Chevron strategist Dr Bill Higgs as its new chief executive.&lt;/p&gt;
&lt;p&gt;Higgs has over 23 years experience in the oil and gas industry. Most recently he was senior vice president of operations in Chevron&amp;rsquo;s Saudi Arabia and Kuwait unit. Prior to that he was Chevron&amp;rsquo;s chief strategist, responsible for setting strategy for the oil major&amp;rsquo;s executive leaders.&lt;/p&gt;
&lt;p&gt;&quot;We are delighted that Bill has agreed to become our chief executive officer, bringing his extensive experience of international exploration and development to our board,&amp;rdquo; said chairman Keith Henry.&lt;/p&gt;
&lt;p&gt;&amp;ldquo;His broad expertise and proven innovative and strategic leadership will be invaluable to the company.&quot;&lt;/p&gt;
&lt;p&gt;Higgs said: &quot;I am very much looking forward to working with the Board to help grow Mediterranean Oil and Gas.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;ldquo;This is a very exciting time for the company as we have a strong portfolio and there are many additional opportunities within the greater Mediterranean area.&quot;&lt;/p&gt;
&lt;p&gt;Higgs officially joins the company next Monday. Interim CEO Sergio Morandi will then revert to his prior position of chief operating officer.&lt;/p&gt;
&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Thu, 15 Mar 2012 08:15:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/40277/mediterranean-oil-gas-hires-bill-higgs-as-new-ceo-40277.html&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[RNS press release - Board Appointment ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120315mog3859z/&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Thu, 15 Mar 2012 07:00:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/rns/120315mog3859z/&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas agrees new gas sales deal for Guendalina ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/39955/mediterranean-oil-gas-agrees-new-gas-sales-deal-for-guendalina-39955.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) today revealed it has agreed a deal to sell its entire net gas production from the Guendalina gas field.&lt;/p&gt;
&lt;p&gt;Repower Italia has agreed to buy the gas over an initial period of one &amp;lsquo;thermal&amp;rsquo; year. The contract renews automatically at the end of the initial period, unless terminated by either party.&lt;/p&gt;
&lt;p&gt;The field is a joint venture with ENI, which has an 80 per cent interest and is the operator.&lt;/p&gt;
&lt;p&gt;Production began in October. Initial production figures, released in November, showed that Guendalina&amp;rsquo;s contribution had quadrupled the firm&amp;rsquo;s gas production from 40,000 cubic metres per day to 160,000 cubic metres.&lt;/p&gt;
&lt;p&gt;Last month MOG reported a 42 per cent increase in the proven and probable reserves of the Guendalina gas field, offshore Italy.&lt;/p&gt;
&lt;p&gt;The figure rises to a gross 31.2 billion cubic feet of recoverable 2P reserves, with 6.2bcf net to MOG, which has 20 per cent of Guendalina. The field, 47 miles of the Italian coast, is majority owned by the local major ENI.&lt;/p&gt;
&lt;p&gt;The upgrade was the result of a revised independent competent persons&amp;rsquo; report produced by RPS Energy, which gives a net present value of MOG&#039;s 2P net reserves of &amp;euro;27.2 million using a 10 per cent discount rate.&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Thu, 08 Mar 2012 07:18:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/39955/mediterranean-oil-gas-agrees-new-gas-sales-deal-for-guendalina-39955.html&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[RNS press release - Announcement of Gas Sale Contract ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120308mog9040y/&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Thu, 08 Mar 2012 07:00:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/rns/120308mog9040y/&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas: Panmure Gordon looks at share price catalysts  ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/39030/mediterranean-oil-gas-panmure-gordon-looks-at-share-price-catalysts--39030.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;Exploration in Italy and Malta may provide key catalysts for Mediterranean Oil &amp;amp; Gas to migrate from being a junior gas producer to a mid-cap E&amp;amp;P player, according to City broker Panmure Gordon.&lt;/p&gt;]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Wed, 15 Feb 2012 14:31:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/39030/mediterranean-oil-gas-panmure-gordon-looks-at-share-price-catalysts--39030.html&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[Broker press ]]&gt;&lt;/title&gt;
			&lt;link&gt;&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[15.02.12 :-0.25, (5) Panmure Gordon initiates coverage with a &quot;hold&quot; rating and 6.3p price target.]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Wed, 15 Feb 2012 00:00:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas: Director Donnelly ups stake in firm ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/38954/mediterranean-oil-gas-director-donnelly-ups-stake-in-firm-38954.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;&lt;a href=&quot;http://proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) announced today that director Miles Donnelly has upped his stake in the company.&lt;br /&gt;&lt;br /&gt;The transaction took place yesterday and involved the purchase of 360,000 shares at 4.8 pence each, for a total cost of more than &amp;pound;17,200.&lt;br /&gt;&lt;br /&gt;Following the purchase, Donnelly is interested in 4.385 per cent of the company.&lt;br /&gt;&lt;br /&gt;Donnelly also holds 1 million options to subscribe for shares in the firm with an exercise price of 6 pence that expire on January 19, 2022.&lt;br /&gt;&lt;br /&gt;AIM-quoted MOG is an oil and gas company focused on the Mediterranean area.&lt;br /&gt;&lt;br /&gt;Earlier this month, the company said it had drawn down &amp;euro;2 million of its short term loan for up to &amp;euro;3.5 million to pay for work at its offshore Maltese licence.&lt;br /&gt;&amp;nbsp;&lt;br /&gt;As reported last year, the funds will help the firm pay for the acquisition and processing of 1,000 sq m of 3D seismic over the Area 4 licence offshore Malta under the PSC (production sharing contract) signed with the Maltese Government in 2008.&lt;br /&gt;&lt;br /&gt;The results of the survey should be ready towards the end of the first quarter this year, the firm revealed.&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Tue, 14 Feb 2012 08:22:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/38954/mediterranean-oil-gas-director-donnelly-ups-stake-in-firm-38954.html&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[RNS press release - Director/PDMR Shareholding ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120214mog3335x/&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Tue, 14 Feb 2012 07:01:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/rns/120214mog3335x/&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas draws down on loan facility for Area 4 licence ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/38677/mediterranean-oil-gas-draws-down-on-loan-facility-for-area-4-licence-38677.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;&lt;a href=&quot;http://proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; Plc (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) has drawn down &amp;euro;2 million of its short term loan for up to &amp;euro;3.5 mln to pay for work at its offshore Maltese licence.&lt;br /&gt;&amp;nbsp;&lt;br /&gt;As reported last November, the funds will help the firm pay for the acquisition and processing of 1,000 sq m of 3D seismic over the Area 4 licence offshore Malta under the PSC (production sharing contract) signed with the Maltese Government in 2008.&lt;br /&gt;&lt;br /&gt;The firm entered a contract with Fugro-Geoteam Pty Ltd which carried out the seismic work, which was completed in December.&lt;br /&gt;&lt;br /&gt;The results of the survey should be ready towards the end of the first quarter this year, the firm has said.&lt;br /&gt;&lt;br /&gt;MOG entered into the PSC in 2008 following an encouraging geological and geophysical pre-assessment of Area 4 undertaken by the company and its consultants.&lt;br /&gt;&lt;br /&gt;Four prospects and five leads have been confirmed and delineated in the PSC area and the total un-risked hydrocarbon potential of the PSC Area is estimated to be around&amp;nbsp; 5 billion barrels of oil in place with the resultant total &#039;most likely case&#039; un-risked prospective recoverable oil resources being about 1,500 MMbbls.&lt;br /&gt;&lt;br /&gt;The secured loan is with affiliated investment funds of Och-Ziff Capital Management Group (Och Ziff) - the firm&#039;s largest shareholder.&lt;br /&gt;&lt;br /&gt;Earlier this month, the company unveiled a 42 per cent increase in the proven and probable reserves of the Guendalina gas field, offshore Italy.&lt;br /&gt;&lt;br /&gt;The figure rises to a gross 31.2 billion cubic feet of recoverable 2P reserves, with 6.2bcf net to MOG, which has 20 per cent of Guendalina. The field, 47 miles of the Italian coast, is majority owned by the local major ENI.&lt;br /&gt;&lt;br /&gt;The upgrade was the result of a revised independent competent persons&amp;rsquo; report produced by RPS Energy, which gives a net present value of MOG&#039;s 2P net reserves of &amp;euro;27.2 million using a 10 per cent discount rate.&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Tue, 07 Feb 2012 07:27:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/38677/mediterranean-oil-gas-draws-down-on-loan-facility-for-area-4-licence-38677.html&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[RNS press release - Update on Malta, Offshore Area 4 ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120207mog8803w/&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Tue, 07 Feb 2012 07:00:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/rns/120207mog8803w/&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas says updated CPR gives Guendalina a 42 per cent bump ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/38441/mediterranean-oil-gas-says-updated-cpr-gives-guendalina-a-42-per-cent-bump-38441.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; Plc (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) this morning unveiled a 42 per cent increase in the proven and probable reserves of the Guendalina gas field, offshore Italy.&lt;/p&gt;
&lt;p&gt;The figure rises to a gross 31.2 billion cubic feet of recoverable 2P reserves, with 6.2bcf net to MOG, which has 20 per cent of Guendalina. The field, 47 miless of the Italian coast, is majority owned by the local major ENI.&lt;/p&gt;
&lt;p&gt;The upgrade was the result of a revised independent competent persons&amp;rsquo; report produced by RPS Energy, which gives a net present value of MOG&#039;s 2P net reserves of &amp;euro;27.2 million using a 10 per cent discount rate.&lt;/p&gt;
&lt;p&gt;Sergio Morandi, the company&amp;rsquo;s chief operating officer, said: &quot;We are very pleased to announce that, following the successful start-up of the Guendalina field last October, daily gas production is meeting our pre-development forecasts.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;ldquo;Guendalina&#039;s good production rate, combined with RPS&#039;s independent valuation which increases our recoverable 2P reserves by 42 per cent, is a key milestone for the development of our business plan and significantly increases the company&#039;s net production and revenues.&quot;&lt;/p&gt;
&lt;p&gt;Last month MOG confirmed it had transferred the gas sales contract for the Guendalina gas field to Italian utility Energetic with the new arrangement coming into effect today.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Net revenues from the field are expected to be around &amp;euro;12 million per year. This is based on anticipated production of around 20 million cubic feet of gas per day (20 percent net to MOG) and forecast gas prices.&lt;/p&gt;
&lt;p&gt;Production began in October. Initial production figures, released in November, showed that Guendalina&amp;rsquo;s contribution had quadrupled the firm&amp;rsquo;s gas production from 40,000 cubic metres per day to 160,000 cubic metres.&lt;/p&gt;
&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Wed, 01 Feb 2012 07:37:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/38441/mediterranean-oil-gas-says-updated-cpr-gives-guendalina-a-42-per-cent-bump-38441.html&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[RNS press release - Independent Reserves Certification ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120201mog5491w/&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Wed, 01 Feb 2012 07:00:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/rns/120201mog5491w/&lt;/guid&gt;
		&lt;/item&gt;
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	array(
	"id" => "42552",
	"title" => "News - Mediterranean Oil &amp; Gas extends Ombrina Mare exploration permit - UPDATE",
	"pubdate" => "2012-05-09 15:14:00",
	"seftitle" => "mediterranean-oil-gas-extends-ombrina-mare-exploration-permit-update-42552.html",
	"description" => "&lt;p&gt;
&lt;p&gt;&lt;strong&gt;---Adds broker comment---&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) today announced a three year extension to the exploration licence that hosts the Ombrina Mare oil and gas field.&lt;/p&gt;
&lt;p&gt;It confirmed that exploration permit BR269 GC would now run until May 5 2015.&lt;/p&gt;
&lt;p&gt;Ombrina Mare, believed to contain 40 million barrels of oil, is currently affected by Italy&amp;rsquo;s offshore drilling ban &amp;ndash; which applies to areas up to five miles from the coastline and twelve miles from nature reserves.&lt;/p&gt;
&lt;p&gt;However MOG has continued to hold talks with the Italian authorities about the restrictions.&lt;/p&gt;
&lt;p&gt;&quot;We are pleased that this licence extension has been granted and we see this as a positive sign in our on-going discussions with the Italian authorities regarding the issuance of a production concession for our proposed development of the Ombrina Mare field,&amp;rdquo; said chief executive Bill Higgs.&lt;/p&gt;
&lt;p&gt;Meanwhile,&amp;nbsp;Panmure Gordon analyst Leila Reddy said:&amp;nbsp;&amp;ldquo;This extension is indeed a positive development, as it strengthens MOG&amp;rsquo;s arguments for a resumption of activities in this field.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;ldquo;We are cautiously optimistic that in time Ombrina Mare will be commercialised.&amp;rdquo;&lt;/p&gt;
&lt;/p&gt; ",
	"link" => "http://www.proactiveinvestors.co.uk/companies/news/42552/mediterranean-oil-gas-extends-ombrina-mare-exploration-permit-update-42552.html"
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	array(
	"id" => "42514",
	"title" => "News - Mediterranean Oil &amp; Gas extends Ombrina Mare exploration permit",
	"pubdate" => "2012-05-09 07:30:00",
	"seftitle" => "mediterranean-oil-gas-extends-ombrina-mare-exploration-permit-42514.html",
	"description" => "&lt;p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) today announced a three year extension to the exploration licence that hosts the Ombrina Mare oil and gas field.&lt;/p&gt;
&lt;p&gt;It confirmed that exploration permit BR269 GC would now run until May 5 2015.&lt;/p&gt;
&lt;p&gt;Ombrina Mare, believed to contain 40 million barrels of oil, is currently affected by Italy&amp;rsquo;s offshore drilling ban &amp;ndash; which applies to areas up to five miles from the coastline and twelve miles from nature reserves.&lt;/p&gt;
&lt;p&gt;However MOG has continued to hold talks with the Italian authorities about the restrictions.&lt;/p&gt;
&lt;p&gt;&quot;We are pleased that this licence extension has been granted and we see this as a positive sign in our on-going discussions with the Italian authorities regarding the issuance of a production concession for our proposed development of the Ombrina Mare field,&amp;rdquo; said chief executive Bill Higgs.&lt;/p&gt;
&lt;/p&gt; ",
	"link" => "http://www.proactiveinvestors.co.uk/companies/news/42514/mediterranean-oil-gas-extends-ombrina-mare-exploration-permit-42514.html"
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	array(
	"id" => "120509mog9358c",
	"title" => "RNS press release - Extension of Exploration Licence",
	"pubdate" => "2012-05-09 07:00:00",
	"seftitle" => "",
	"description" => "",
	"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120509mog9358c/"
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	array(
	"id" => "41778",
	"title" => "News - Mediterranean Oil &amp; Gas: Guendalina gas production in line with Q1 expectations",
	"pubdate" => "2012-04-23 08:13:00",
	"seftitle" => "mediterranean-oil-gas-guendalina-gas-production-in-line-with-q1-expectations-41778.html",
	"description" => "&lt;p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) confirmed that gas production from the Guendalina field was in line with its expectations in the first quarter of 2012.&lt;/p&gt;
&lt;p&gt;Guandalina, a ENI led venture, came on stream in October. Today MOG reported average gross gas production of 580,000 cubic metres per day during the first quarter.&lt;/p&gt;
&lt;p&gt;This equates to 116,000 cubic metres a day for MOG, which has a 20 per cent stake in the venture. MOG will bank first quarter revenues of &amp;euro;4 million as a result.&lt;/p&gt;
&lt;p&gt;Additionally MOG said that a 1,012 square kilometre 3D seismic programme offshore Malta, in Block 4. The results are expected in the early part of the third quarter.&lt;/p&gt;
&lt;p&gt;&quot;We have made a very solid start to the year in delivering both reliable cash flow from our producing assets in Italy, and acquiring the seismic data required to evaluate our prospective resources offshore Malta,&quot; said chief executive Bill Higgs.&lt;/p&gt;
&lt;p&gt;The company told investors that it plans to repay &amp;euro;2 million off its short term loan facility, provided by Och-Ziff Capital Management. The company will then be debt free, it said.&lt;/p&gt;
&lt;p&gt;On the open this morning MOG shares were up 0.4p, or 6 per cent, trading at 6.25p each on AIM.&lt;/p&gt;
&lt;/p&gt; ",
	"link" => "http://www.proactiveinvestors.co.uk/companies/news/41778/mediterranean-oil-gas-guendalina-gas-production-in-line-with-q1-expectations-41778.html"
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	array(
	"id" => "120423mog8150b",
	"title" => "RNS press release - Operations Update",
	"pubdate" => "2012-04-23 07:00:00",
	"seftitle" => "",
	"description" => "",
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	array(
	"id" => "120322mog8868z",
	"title" => "RNS press release - Grant of Options",
	"pubdate" => "2012-03-22 13:03:00",
	"seftitle" => "",
	"description" => "",
	"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120322mog8868z/"
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	array(
	"id" => "40600",
	"title" => "News - Mediterranean Oil &amp; Gas sales deal for Guendalina to start earlier than previously announced",
	"pubdate" => "2012-03-22 08:24:00",
	"seftitle" => "mediterranean-oil-gas-sales-deal-for-guendalina-to-start-earlier-than-previously-announced-40600.html",
	"description" => "&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) has amended the sales agreement announced a fortnight ago for its gas from the Guendalina field offshore Italy, to start from April 1 2012.&lt;br /&gt;&lt;br /&gt;The company told investors on March 8 that RePower Italia had agreed to buy the group&amp;rsquo;s entire net gas production from Guendalina over an initial period of one &amp;lsquo;thermal&amp;rsquo; year, to start on October 1 2012 and ending on September 31 2013, with automatic renewals afterwards.&lt;br /&gt;&lt;br /&gt;The deal has now been amended and RePower will take the group&amp;rsquo;s whole net output from April 1.&amp;nbsp;MOG&amp;rsquo;s existing deal with Energetic SpA will terminate on March 31.&lt;br /&gt;&lt;br /&gt;The field is a joint venture with ENI, which has an 80 per cent interest and is the operator.&lt;br /&gt;&lt;br /&gt;Production began in October. Initial production figures, released in November, showed that Guendalina&amp;rsquo;s contribution had quadrupled the firm&amp;rsquo;s gas production from 40,000 cubic metres per day to 160,000 cubic metres.&lt;br /&gt;&lt;br /&gt;Last month, MOG reported a 42 per cent increase in the proven and probable reserves of the field.&lt;br /&gt;&lt;br /&gt;The figure rises to a gross 31.2 billion cubic feet of recoverable 2P reserves, with 6.2 billion cubic feet net to MOG.&lt;/p&gt;
&lt;p&gt;The upgrade was the result of a revised independent competent persons&amp;rsquo; report produced by RPS Energy, which gives a net present value of MOG&#039;s 2P net reserves of &amp;euro;27.2 million using a 10 per cent discount rate.&lt;/p&gt; ",
	"link" => "http://www.proactiveinvestors.co.uk/companies/news/40600/mediterranean-oil-gas-sales-deal-for-guendalina-to-start-earlier-than-previously-announced-40600.html"
),
	array(
	"id" => "120322mog8277z",
	"title" => "RNS press release - Gas Sale Contract",
	"pubdate" => "2012-03-22 07:00:00",
	"seftitle" => "",
	"description" => "",
	"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120322mog8277z/"
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	array(
	"id" => "40277",
	"title" => "News - Mediterranean Oil &amp; Gas hires Bill Higgs as new CEO",
	"pubdate" => "2012-03-15 08:15:00",
	"seftitle" => "mediterranean-oil-gas-hires-bill-higgs-as-new-ceo-40277.html",
	"description" => "&lt;p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) has hired former Chevron strategist Dr Bill Higgs as its new chief executive.&lt;/p&gt;
&lt;p&gt;Higgs has over 23 years experience in the oil and gas industry. Most recently he was senior vice president of operations in Chevron&amp;rsquo;s Saudi Arabia and Kuwait unit. Prior to that he was Chevron&amp;rsquo;s chief strategist, responsible for setting strategy for the oil major&amp;rsquo;s executive leaders.&lt;/p&gt;
&lt;p&gt;&quot;We are delighted that Bill has agreed to become our chief executive officer, bringing his extensive experience of international exploration and development to our board,&amp;rdquo; said chairman Keith Henry.&lt;/p&gt;
&lt;p&gt;&amp;ldquo;His broad expertise and proven innovative and strategic leadership will be invaluable to the company.&quot;&lt;/p&gt;
&lt;p&gt;Higgs said: &quot;I am very much looking forward to working with the Board to help grow Mediterranean Oil and Gas.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;ldquo;This is a very exciting time for the company as we have a strong portfolio and there are many additional opportunities within the greater Mediterranean area.&quot;&lt;/p&gt;
&lt;p&gt;Higgs officially joins the company next Monday. Interim CEO Sergio Morandi will then revert to his prior position of chief operating officer.&lt;/p&gt;
&lt;/p&gt; ",
	"link" => "http://www.proactiveinvestors.co.uk/companies/news/40277/mediterranean-oil-gas-hires-bill-higgs-as-new-ceo-40277.html"
),
	array(
	"id" => "120315mog3859z",
	"title" => "RNS press release - Board Appointment",
	"pubdate" => "2012-03-15 07:00:00",
	"seftitle" => "",
	"description" => "",
	"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120315mog3859z/"
),
	array(
	"id" => "39955",
	"title" => "News - Mediterranean Oil &amp; Gas agrees new gas sales deal for Guendalina",
	"pubdate" => "2012-03-08 07:18:00",
	"seftitle" => "mediterranean-oil-gas-agrees-new-gas-sales-deal-for-guendalina-39955.html",
	"description" => "&lt;p&gt;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) today revealed it has agreed a deal to sell its entire net gas production from the Guendalina gas field.&lt;/p&gt;
&lt;p&gt;Repower Italia has agreed to buy the gas over an initial period of one &amp;lsquo;thermal&amp;rsquo; year. The contract renews automatically at the end of the initial period, unless terminated by either party.&lt;/p&gt;
&lt;p&gt;The field is a joint venture with ENI, which has an 80 per cent interest and is the operator.&lt;/p&gt;
&lt;p&gt;Production began in October. Initial production figures, released in November, showed that Guendalina&amp;rsquo;s contribution had quadrupled the firm&amp;rsquo;s gas production from 40,000 cubic metres per day to 160,000 cubic metres.&lt;/p&gt;
&lt;p&gt;Last month MOG reported a 42 per cent increase in the proven and probable reserves of the Guendalina gas field, offshore Italy.&lt;/p&gt;
&lt;p&gt;The figure rises to a gross 31.2 billion cubic feet of recoverable 2P reserves, with 6.2bcf net to MOG, which has 20 per cent of Guendalina. The field, 47 miles of the Italian coast, is majority owned by the local major ENI.&lt;/p&gt;
&lt;p&gt;The upgrade was the result of a revised independent competent persons&amp;rsquo; report produced by RPS Energy, which gives a net present value of MOG&#039;s 2P net reserves of &amp;euro;27.2 million using a 10 per cent discount rate.&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&lt;/p&gt; ",
	"link" => "http://www.proactiveinvestors.co.uk/companies/news/39955/mediterranean-oil-gas-agrees-new-gas-sales-deal-for-guendalina-39955.html"
),
	array(
	"id" => "120308mog9040y",
	"title" => "RNS press release - Announcement of Gas Sale Contract",
	"pubdate" => "2012-03-08 07:00:00",
	"seftitle" => "",
	"description" => "",
	"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120308mog9040y/"
),
	array(
	"id" => "39030",
	"title" => "News - Mediterranean Oil &amp; Gas: Panmure Gordon looks at share price catalysts ",
	"pubdate" => "2012-02-15 14:31:00",
	"seftitle" => "mediterranean-oil-gas-panmure-gordon-looks-at-share-price-catalysts--39030.html",
	"description" => "&lt;p&gt;Exploration in Italy and Malta may provide key catalysts for Mediterranean Oil &amp;amp; Gas to migrate from being a junior gas producer to a mid-cap E&amp;amp;P player, according to City broker Panmure Gordon.&lt;/p&gt;",
	"link" => "http://www.proactiveinvestors.co.uk/companies/news/39030/mediterranean-oil-gas-panmure-gordon-looks-at-share-price-catalysts--39030.html"
),
	array(
	"id" => "",
	"title" => "Broker press",
	"pubdate" => "2012-02-15 00:00:00",
	"seftitle" => "",
	"description" => "15.02.12 :-0.25, (5) Panmure Gordon initiates coverage with a &quot;hold&quot; rating and 6.3p price target.",
	"link" => ""
),
	array(
	"id" => "38954",
	"title" => "News - Mediterranean Oil &amp; Gas: Director Donnelly ups stake in firm",
	"pubdate" => "2012-02-14 08:22:00",
	"seftitle" => "mediterranean-oil-gas-director-donnelly-ups-stake-in-firm-38954.html",
	"description" => "&lt;p&gt;&lt;a href=&quot;http://proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) announced today that director Miles Donnelly has upped his stake in the company.&lt;br /&gt;&lt;br /&gt;The transaction took place yesterday and involved the purchase of 360,000 shares at 4.8 pence each, for a total cost of more than &amp;pound;17,200.&lt;br /&gt;&lt;br /&gt;Following the purchase, Donnelly is interested in 4.385 per cent of the company.&lt;br /&gt;&lt;br /&gt;Donnelly also holds 1 million options to subscribe for shares in the firm with an exercise price of 6 pence that expire on January 19, 2022.&lt;br /&gt;&lt;br /&gt;AIM-quoted MOG is an oil and gas company focused on the Mediterranean area.&lt;br /&gt;&lt;br /&gt;Earlier this month, the company said it had drawn down &amp;euro;2 million of its short term loan for up to &amp;euro;3.5 million to pay for work at its offshore Maltese licence.&lt;br /&gt;&amp;nbsp;&lt;br /&gt;As reported last year, the funds will help the firm pay for the acquisition and processing of 1,000 sq m of 3D seismic over the Area 4 licence offshore Malta under the PSC (production sharing contract) signed with the Maltese Government in 2008.&lt;br /&gt;&lt;br /&gt;The results of the survey should be ready towards the end of the first quarter this year, the firm revealed.&lt;/p&gt; ",
	"link" => "http://www.proactiveinvestors.co.uk/companies/news/38954/mediterranean-oil-gas-director-donnelly-ups-stake-in-firm-38954.html"
),
	array(
	"id" => "120214mog3335x",
	"title" => "RNS press release - Director/PDMR Shareholding",
	"pubdate" => "2012-02-14 07:01:00",
	"seftitle" => "",
	"description" => "",
	"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120214mog3335x/"
),
	array(
	"id" => "38677",
	"title" => "News - Mediterranean Oil &amp; Gas draws down on loan facility for Area 4 licence",
	"pubdate" => "2012-02-07 07:27:00",
	"seftitle" => "mediterranean-oil-gas-draws-down-on-loan-facility-for-area-4-licence-38677.html",
	"description" => "&lt;p&gt;&lt;a href=&quot;http://proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; Plc (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) has drawn down &amp;euro;2 million of its short term loan for up to &amp;euro;3.5 mln to pay for work at its offshore Maltese licence.&lt;br /&gt;&amp;nbsp;&lt;br /&gt;As reported last November, the funds will help the firm pay for the acquisition and processing of 1,000 sq m of 3D seismic over the Area 4 licence offshore Malta under the PSC (production sharing contract) signed with the Maltese Government in 2008.&lt;br /&gt;&lt;br /&gt;The firm entered a contract with Fugro-Geoteam Pty Ltd which carried out the seismic work, which was completed in December.&lt;br /&gt;&lt;br /&gt;The results of the survey should be ready towards the end of the first quarter this year, the firm has said.&lt;br /&gt;&lt;br /&gt;MOG entered into the PSC in 2008 following an encouraging geological and geophysical pre-assessment of Area 4 undertaken by the company and its consultants.&lt;br /&gt;&lt;br /&gt;Four prospects and five leads have been confirmed and delineated in the PSC area and the total un-risked hydrocarbon potential of the PSC Area is estimated to be around&amp;nbsp; 5 billion barrels of oil in place with the resultant total &#039;most likely case&#039; un-risked prospective recoverable oil resources being about 1,500 MMbbls.&lt;br /&gt;&lt;br /&gt;The secured loan is with affiliated investment funds of Och-Ziff Capital Management Group (Och Ziff) - the firm&#039;s largest shareholder.&lt;br /&gt;&lt;br /&gt;Earlier this month, the company unveiled a 42 per cent increase in the proven and probable reserves of the Guendalina gas field, offshore Italy.&lt;br /&gt;&lt;br /&gt;The figure rises to a gross 31.2 billion cubic feet of recoverable 2P reserves, with 6.2bcf net to MOG, which has 20 per cent of Guendalina. The field, 47 miles of the Italian coast, is majority owned by the local major ENI.&lt;br /&gt;&lt;br /&gt;The upgrade was the result of a revised independent competent persons&amp;rsquo; report produced by RPS Energy, which gives a net present value of MOG&#039;s 2P net reserves of &amp;euro;27.2 million using a 10 per cent discount rate.&lt;/p&gt; ",
	"link" => "http://www.proactiveinvestors.co.uk/companies/news/38677/mediterranean-oil-gas-draws-down-on-loan-facility-for-area-4-licence-38677.html"
),
	array(
	"id" => "120207mog8803w",
	"title" => "RNS press release - Update on Malta, Offshore Area 4",
	"pubdate" => "2012-02-07 07:00:00",
	"seftitle" => "",
	"description" => "",
	"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120207mog8803w/"
),
	array(
	"id" => "38441",
	"title" => "News - Mediterranean Oil &amp; Gas says updated CPR gives Guendalina a 42 per cent bump",
	"pubdate" => "2012-02-01 07:37:00",
	"seftitle" => "mediterranean-oil-gas-says-updated-cpr-gives-guendalina-a-42-per-cent-bump-38441.html",
	"description" => "&lt;p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; Plc (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) this morning unveiled a 42 per cent increase in the proven and probable reserves of the Guendalina gas field, offshore Italy.&lt;/p&gt;
&lt;p&gt;The figure rises to a gross 31.2 billion cubic feet of recoverable 2P reserves, with 6.2bcf net to MOG, which has 20 per cent of Guendalina. The field, 47 miless of the Italian coast, is majority owned by the local major ENI.&lt;/p&gt;
&lt;p&gt;The upgrade was the result of a revised independent competent persons&amp;rsquo; report produced by RPS Energy, which gives a net present value of MOG&#039;s 2P net reserves of &amp;euro;27.2 million using a 10 per cent discount rate.&lt;/p&gt;
&lt;p&gt;Sergio Morandi, the company&amp;rsquo;s chief operating officer, said: &quot;We are very pleased to announce that, following the successful start-up of the Guendalina field last October, daily gas production is meeting our pre-development forecasts.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;ldquo;Guendalina&#039;s good production rate, combined with RPS&#039;s independent valuation which increases our recoverable 2P reserves by 42 per cent, is a key milestone for the development of our business plan and significantly increases the company&#039;s net production and revenues.&quot;&lt;/p&gt;
&lt;p&gt;Last month MOG confirmed it had transferred the gas sales contract for the Guendalina gas field to Italian utility Energetic with the new arrangement coming into effect today.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Net revenues from the field are expected to be around &amp;euro;12 million per year. This is based on anticipated production of around 20 million cubic feet of gas per day (20 percent net to MOG) and forecast gas prices.&lt;/p&gt;
&lt;p&gt;Production began in October. Initial production figures, released in November, showed that Guendalina&amp;rsquo;s contribution had quadrupled the firm&amp;rsquo;s gas production from 40,000 cubic metres per day to 160,000 cubic metres.&lt;/p&gt;
&lt;/p&gt; ",
	"link" => "http://www.proactiveinvestors.co.uk/companies/news/38441/mediterranean-oil-gas-says-updated-cpr-gives-guendalina-a-42-per-cent-bump-38441.html"
),
	array(
	"id" => "120201mog5491w",
	"title" => "RNS press release - Independent Reserves Certification",
	"pubdate" => "2012-02-01 07:00:00",
	"seftitle" => "",
	"description" => "",
	"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120201mog5491w/"
)
)
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	&lt;title&gt;Proactiveinvestors United Kingdom Mediterranean Oil &amp;amp; Gas&lt;/title&gt;
	&lt;link&gt;http://www.proactiveinvestors.co.uk&lt;/link&gt;
	&lt;description&gt;Proactiveinvestors United Kingdom Mediterranean Oil &amp;amp; Gas RSS feed
            &lt;/description&gt;
	&lt;language&gt;en&lt;/language&gt;
	&lt;pubDate&gt;Wed, 23 May 2012 15:19:09 +0100&lt;/pubDate&gt;
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	&lt;generator&gt;Genera CMS&lt;/generator&gt;
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	&lt;atom:link href=&quot;http://www.proactiveinvestors.co.uk/LON:MOG/Mediterranean-Oil-Gas/all_news&quot; rel=&quot;self&quot; type=&quot;application/rss+xml&quot; /&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas extends Ombrina Mare exploration permit - UPDATE ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/42552/mediterranean-oil-gas-extends-ombrina-mare-exploration-permit-update-42552.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;
&lt;p&gt;&lt;strong&gt;---Adds broker comment---&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) today announced a three year extension to the exploration licence that hosts the Ombrina Mare oil and gas field.&lt;/p&gt;
&lt;p&gt;It confirmed that exploration permit BR269 GC would now run until May 5 2015.&lt;/p&gt;
&lt;p&gt;Ombrina Mare, believed to contain 40 million barrels of oil, is currently affected by Italy&amp;rsquo;s offshore drilling ban &amp;ndash; which applies to areas up to five miles from the coastline and twelve miles from nature reserves.&lt;/p&gt;
&lt;p&gt;However MOG has continued to hold talks with the Italian authorities about the restrictions.&lt;/p&gt;
&lt;p&gt;&quot;We are pleased that this licence extension has been granted and we see this as a positive sign in our on-going discussions with the Italian authorities regarding the issuance of a production concession for our proposed development of the Ombrina Mare field,&amp;rdquo; said chief executive Bill Higgs.&lt;/p&gt;
&lt;p&gt;Meanwhile,&amp;nbsp;Panmure Gordon analyst Leila Reddy said:&amp;nbsp;&amp;ldquo;This extension is indeed a positive development, as it strengthens MOG&amp;rsquo;s arguments for a resumption of activities in this field.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;ldquo;We are cautiously optimistic that in time Ombrina Mare will be commercialised.&amp;rdquo;&lt;/p&gt;
&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Wed, 09 May 2012 15:14:00 +0100&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/42552/mediterranean-oil-gas-extends-ombrina-mare-exploration-permit-update-42552.html&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas extends Ombrina Mare exploration permit ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/42514/mediterranean-oil-gas-extends-ombrina-mare-exploration-permit-42514.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) today announced a three year extension to the exploration licence that hosts the Ombrina Mare oil and gas field.&lt;/p&gt;
&lt;p&gt;It confirmed that exploration permit BR269 GC would now run until May 5 2015.&lt;/p&gt;
&lt;p&gt;Ombrina Mare, believed to contain 40 million barrels of oil, is currently affected by Italy&amp;rsquo;s offshore drilling ban &amp;ndash; which applies to areas up to five miles from the coastline and twelve miles from nature reserves.&lt;/p&gt;
&lt;p&gt;However MOG has continued to hold talks with the Italian authorities about the restrictions.&lt;/p&gt;
&lt;p&gt;&quot;We are pleased that this licence extension has been granted and we see this as a positive sign in our on-going discussions with the Italian authorities regarding the issuance of a production concession for our proposed development of the Ombrina Mare field,&amp;rdquo; said chief executive Bill Higgs.&lt;/p&gt;
&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Wed, 09 May 2012 07:30:00 +0100&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/42514/mediterranean-oil-gas-extends-ombrina-mare-exploration-permit-42514.html&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[RNS press release - Extension of Exploration Licence ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120509mog9358c/&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Wed, 09 May 2012 07:00:00 +0100&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/rns/120509mog9358c/&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas: Guendalina gas production in line with Q1 expectations ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/41778/mediterranean-oil-gas-guendalina-gas-production-in-line-with-q1-expectations-41778.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) confirmed that gas production from the Guendalina field was in line with its expectations in the first quarter of 2012.&lt;/p&gt;
&lt;p&gt;Guandalina, a ENI led venture, came on stream in October. Today MOG reported average gross gas production of 580,000 cubic metres per day during the first quarter.&lt;/p&gt;
&lt;p&gt;This equates to 116,000 cubic metres a day for MOG, which has a 20 per cent stake in the venture. MOG will bank first quarter revenues of &amp;euro;4 million as a result.&lt;/p&gt;
&lt;p&gt;Additionally MOG said that a 1,012 square kilometre 3D seismic programme offshore Malta, in Block 4. The results are expected in the early part of the third quarter.&lt;/p&gt;
&lt;p&gt;&quot;We have made a very solid start to the year in delivering both reliable cash flow from our producing assets in Italy, and acquiring the seismic data required to evaluate our prospective resources offshore Malta,&quot; said chief executive Bill Higgs.&lt;/p&gt;
&lt;p&gt;The company told investors that it plans to repay &amp;euro;2 million off its short term loan facility, provided by Och-Ziff Capital Management. The company will then be debt free, it said.&lt;/p&gt;
&lt;p&gt;On the open this morning MOG shares were up 0.4p, or 6 per cent, trading at 6.25p each on AIM.&lt;/p&gt;
&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Mon, 23 Apr 2012 08:13:00 +0100&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/41778/mediterranean-oil-gas-guendalina-gas-production-in-line-with-q1-expectations-41778.html&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[RNS press release - Operations Update ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120423mog8150b/&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Mon, 23 Apr 2012 07:00:00 +0100&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/rns/120423mog8150b/&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[RNS press release - Grant of Options ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120322mog8868z/&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Thu, 22 Mar 2012 13:03:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/rns/120322mog8868z/&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas sales deal for Guendalina to start earlier than previously announced ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/40600/mediterranean-oil-gas-sales-deal-for-guendalina-to-start-earlier-than-previously-announced-40600.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) has amended the sales agreement announced a fortnight ago for its gas from the Guendalina field offshore Italy, to start from April 1 2012.&lt;br /&gt;&lt;br /&gt;The company told investors on March 8 that RePower Italia had agreed to buy the group&amp;rsquo;s entire net gas production from Guendalina over an initial period of one &amp;lsquo;thermal&amp;rsquo; year, to start on October 1 2012 and ending on September 31 2013, with automatic renewals afterwards.&lt;br /&gt;&lt;br /&gt;The deal has now been amended and RePower will take the group&amp;rsquo;s whole net output from April 1.&amp;nbsp;MOG&amp;rsquo;s existing deal with Energetic SpA will terminate on March 31.&lt;br /&gt;&lt;br /&gt;The field is a joint venture with ENI, which has an 80 per cent interest and is the operator.&lt;br /&gt;&lt;br /&gt;Production began in October. Initial production figures, released in November, showed that Guendalina&amp;rsquo;s contribution had quadrupled the firm&amp;rsquo;s gas production from 40,000 cubic metres per day to 160,000 cubic metres.&lt;br /&gt;&lt;br /&gt;Last month, MOG reported a 42 per cent increase in the proven and probable reserves of the field.&lt;br /&gt;&lt;br /&gt;The figure rises to a gross 31.2 billion cubic feet of recoverable 2P reserves, with 6.2 billion cubic feet net to MOG.&lt;/p&gt;
&lt;p&gt;The upgrade was the result of a revised independent competent persons&amp;rsquo; report produced by RPS Energy, which gives a net present value of MOG&#039;s 2P net reserves of &amp;euro;27.2 million using a 10 per cent discount rate.&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Thu, 22 Mar 2012 08:24:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/40600/mediterranean-oil-gas-sales-deal-for-guendalina-to-start-earlier-than-previously-announced-40600.html&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[RNS press release - Gas Sale Contract ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120322mog8277z/&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Thu, 22 Mar 2012 07:00:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/rns/120322mog8277z/&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas hires Bill Higgs as new CEO ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/40277/mediterranean-oil-gas-hires-bill-higgs-as-new-ceo-40277.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) has hired former Chevron strategist Dr Bill Higgs as its new chief executive.&lt;/p&gt;
&lt;p&gt;Higgs has over 23 years experience in the oil and gas industry. Most recently he was senior vice president of operations in Chevron&amp;rsquo;s Saudi Arabia and Kuwait unit. Prior to that he was Chevron&amp;rsquo;s chief strategist, responsible for setting strategy for the oil major&amp;rsquo;s executive leaders.&lt;/p&gt;
&lt;p&gt;&quot;We are delighted that Bill has agreed to become our chief executive officer, bringing his extensive experience of international exploration and development to our board,&amp;rdquo; said chairman Keith Henry.&lt;/p&gt;
&lt;p&gt;&amp;ldquo;His broad expertise and proven innovative and strategic leadership will be invaluable to the company.&quot;&lt;/p&gt;
&lt;p&gt;Higgs said: &quot;I am very much looking forward to working with the Board to help grow Mediterranean Oil and Gas.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;ldquo;This is a very exciting time for the company as we have a strong portfolio and there are many additional opportunities within the greater Mediterranean area.&quot;&lt;/p&gt;
&lt;p&gt;Higgs officially joins the company next Monday. Interim CEO Sergio Morandi will then revert to his prior position of chief operating officer.&lt;/p&gt;
&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Thu, 15 Mar 2012 08:15:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/40277/mediterranean-oil-gas-hires-bill-higgs-as-new-ceo-40277.html&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[RNS press release - Board Appointment ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120315mog3859z/&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Thu, 15 Mar 2012 07:00:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/rns/120315mog3859z/&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas agrees new gas sales deal for Guendalina ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/39955/mediterranean-oil-gas-agrees-new-gas-sales-deal-for-guendalina-39955.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) today revealed it has agreed a deal to sell its entire net gas production from the Guendalina gas field.&lt;/p&gt;
&lt;p&gt;Repower Italia has agreed to buy the gas over an initial period of one &amp;lsquo;thermal&amp;rsquo; year. The contract renews automatically at the end of the initial period, unless terminated by either party.&lt;/p&gt;
&lt;p&gt;The field is a joint venture with ENI, which has an 80 per cent interest and is the operator.&lt;/p&gt;
&lt;p&gt;Production began in October. Initial production figures, released in November, showed that Guendalina&amp;rsquo;s contribution had quadrupled the firm&amp;rsquo;s gas production from 40,000 cubic metres per day to 160,000 cubic metres.&lt;/p&gt;
&lt;p&gt;Last month MOG reported a 42 per cent increase in the proven and probable reserves of the Guendalina gas field, offshore Italy.&lt;/p&gt;
&lt;p&gt;The figure rises to a gross 31.2 billion cubic feet of recoverable 2P reserves, with 6.2bcf net to MOG, which has 20 per cent of Guendalina. The field, 47 miles of the Italian coast, is majority owned by the local major ENI.&lt;/p&gt;
&lt;p&gt;The upgrade was the result of a revised independent competent persons&amp;rsquo; report produced by RPS Energy, which gives a net present value of MOG&#039;s 2P net reserves of &amp;euro;27.2 million using a 10 per cent discount rate.&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Thu, 08 Mar 2012 07:18:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/39955/mediterranean-oil-gas-agrees-new-gas-sales-deal-for-guendalina-39955.html&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[RNS press release - Announcement of Gas Sale Contract ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120308mog9040y/&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Thu, 08 Mar 2012 07:00:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/rns/120308mog9040y/&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas: Panmure Gordon looks at share price catalysts  ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/39030/mediterranean-oil-gas-panmure-gordon-looks-at-share-price-catalysts--39030.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;Exploration in Italy and Malta may provide key catalysts for Mediterranean Oil &amp;amp; Gas to migrate from being a junior gas producer to a mid-cap E&amp;amp;P player, according to City broker Panmure Gordon.&lt;/p&gt;]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Wed, 15 Feb 2012 14:31:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/39030/mediterranean-oil-gas-panmure-gordon-looks-at-share-price-catalysts--39030.html&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[Broker press ]]&gt;&lt;/title&gt;
			&lt;link&gt;&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[15.02.12 :-0.25, (5) Panmure Gordon initiates coverage with a &quot;hold&quot; rating and 6.3p price target.]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Wed, 15 Feb 2012 00:00:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas: Director Donnelly ups stake in firm ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/38954/mediterranean-oil-gas-director-donnelly-ups-stake-in-firm-38954.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;&lt;a href=&quot;http://proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) announced today that director Miles Donnelly has upped his stake in the company.&lt;br /&gt;&lt;br /&gt;The transaction took place yesterday and involved the purchase of 360,000 shares at 4.8 pence each, for a total cost of more than &amp;pound;17,200.&lt;br /&gt;&lt;br /&gt;Following the purchase, Donnelly is interested in 4.385 per cent of the company.&lt;br /&gt;&lt;br /&gt;Donnelly also holds 1 million options to subscribe for shares in the firm with an exercise price of 6 pence that expire on January 19, 2022.&lt;br /&gt;&lt;br /&gt;AIM-quoted MOG is an oil and gas company focused on the Mediterranean area.&lt;br /&gt;&lt;br /&gt;Earlier this month, the company said it had drawn down &amp;euro;2 million of its short term loan for up to &amp;euro;3.5 million to pay for work at its offshore Maltese licence.&lt;br /&gt;&amp;nbsp;&lt;br /&gt;As reported last year, the funds will help the firm pay for the acquisition and processing of 1,000 sq m of 3D seismic over the Area 4 licence offshore Malta under the PSC (production sharing contract) signed with the Maltese Government in 2008.&lt;br /&gt;&lt;br /&gt;The results of the survey should be ready towards the end of the first quarter this year, the firm revealed.&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Tue, 14 Feb 2012 08:22:00 +0000&lt;/pubDate&gt;
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			&lt;title&gt;&lt;![CDATA[RNS press release - Director/PDMR Shareholding ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120214mog3335x/&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Tue, 14 Feb 2012 07:01:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/rns/120214mog3335x/&lt;/guid&gt;
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			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas draws down on loan facility for Area 4 licence ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/38677/mediterranean-oil-gas-draws-down-on-loan-facility-for-area-4-licence-38677.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;&lt;a href=&quot;http://proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; Plc (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) has drawn down &amp;euro;2 million of its short term loan for up to &amp;euro;3.5 mln to pay for work at its offshore Maltese licence.&lt;br /&gt;&amp;nbsp;&lt;br /&gt;As reported last November, the funds will help the firm pay for the acquisition and processing of 1,000 sq m of 3D seismic over the Area 4 licence offshore Malta under the PSC (production sharing contract) signed with the Maltese Government in 2008.&lt;br /&gt;&lt;br /&gt;The firm entered a contract with Fugro-Geoteam Pty Ltd which carried out the seismic work, which was completed in December.&lt;br /&gt;&lt;br /&gt;The results of the survey should be ready towards the end of the first quarter this year, the firm has said.&lt;br /&gt;&lt;br /&gt;MOG entered into the PSC in 2008 following an encouraging geological and geophysical pre-assessment of Area 4 undertaken by the company and its consultants.&lt;br /&gt;&lt;br /&gt;Four prospects and five leads have been confirmed and delineated in the PSC area and the total un-risked hydrocarbon potential of the PSC Area is estimated to be around&amp;nbsp; 5 billion barrels of oil in place with the resultant total &#039;most likely case&#039; un-risked prospective recoverable oil resources being about 1,500 MMbbls.&lt;br /&gt;&lt;br /&gt;The secured loan is with affiliated investment funds of Och-Ziff Capital Management Group (Och Ziff) - the firm&#039;s largest shareholder.&lt;br /&gt;&lt;br /&gt;Earlier this month, the company unveiled a 42 per cent increase in the proven and probable reserves of the Guendalina gas field, offshore Italy.&lt;br /&gt;&lt;br /&gt;The figure rises to a gross 31.2 billion cubic feet of recoverable 2P reserves, with 6.2bcf net to MOG, which has 20 per cent of Guendalina. The field, 47 miles of the Italian coast, is majority owned by the local major ENI.&lt;br /&gt;&lt;br /&gt;The upgrade was the result of a revised independent competent persons&amp;rsquo; report produced by RPS Energy, which gives a net present value of MOG&#039;s 2P net reserves of &amp;euro;27.2 million using a 10 per cent discount rate.&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Tue, 07 Feb 2012 07:27:00 +0000&lt;/pubDate&gt;
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			&lt;title&gt;&lt;![CDATA[RNS press release - Update on Malta, Offshore Area 4 ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120207mog8803w/&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Tue, 07 Feb 2012 07:00:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/rns/120207mog8803w/&lt;/guid&gt;
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			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas says updated CPR gives Guendalina a 42 per cent bump ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/38441/mediterranean-oil-gas-says-updated-cpr-gives-guendalina-a-42-per-cent-bump-38441.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; Plc (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) this morning unveiled a 42 per cent increase in the proven and probable reserves of the Guendalina gas field, offshore Italy.&lt;/p&gt;
&lt;p&gt;The figure rises to a gross 31.2 billion cubic feet of recoverable 2P reserves, with 6.2bcf net to MOG, which has 20 per cent of Guendalina. The field, 47 miless of the Italian coast, is majority owned by the local major ENI.&lt;/p&gt;
&lt;p&gt;The upgrade was the result of a revised independent competent persons&amp;rsquo; report produced by RPS Energy, which gives a net present value of MOG&#039;s 2P net reserves of &amp;euro;27.2 million using a 10 per cent discount rate.&lt;/p&gt;
&lt;p&gt;Sergio Morandi, the company&amp;rsquo;s chief operating officer, said: &quot;We are very pleased to announce that, following the successful start-up of the Guendalina field last October, daily gas production is meeting our pre-development forecasts.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;ldquo;Guendalina&#039;s good production rate, combined with RPS&#039;s independent valuation which increases our recoverable 2P reserves by 42 per cent, is a key milestone for the development of our business plan and significantly increases the company&#039;s net production and revenues.&quot;&lt;/p&gt;
&lt;p&gt;Last month MOG confirmed it had transferred the gas sales contract for the Guendalina gas field to Italian utility Energetic with the new arrangement coming into effect today.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Net revenues from the field are expected to be around &amp;euro;12 million per year. This is based on anticipated production of around 20 million cubic feet of gas per day (20 percent net to MOG) and forecast gas prices.&lt;/p&gt;
&lt;p&gt;Production began in October. Initial production figures, released in November, showed that Guendalina&amp;rsquo;s contribution had quadrupled the firm&amp;rsquo;s gas production from 40,000 cubic metres per day to 160,000 cubic metres.&lt;/p&gt;
&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Wed, 01 Feb 2012 07:37:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/38441/mediterranean-oil-gas-says-updated-cpr-gives-guendalina-a-42-per-cent-bump-38441.html&lt;/guid&gt;
		&lt;/item&gt;
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			&lt;title&gt;&lt;![CDATA[RNS press release - Independent Reserves Certification ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120201mog5491w/&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Wed, 01 Feb 2012 07:00:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/rns/120201mog5491w/&lt;/guid&gt;
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	&lt;title&gt;Proactiveinvestors United Kingdom Mediterranean Oil &amp;amp; Gas&lt;/title&gt;
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	&lt;description&gt;Proactiveinvestors United Kingdom Mediterranean Oil &amp;amp; Gas RSS feed
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	&lt;pubDate&gt;Wed, 23 May 2012 15:19:09 +0100&lt;/pubDate&gt;
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			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas extends Ombrina Mare exploration permit - UPDATE ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/42552/mediterranean-oil-gas-extends-ombrina-mare-exploration-permit-update-42552.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;
&lt;p&gt;&lt;strong&gt;---Adds broker comment---&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) today announced a three year extension to the exploration licence that hosts the Ombrina Mare oil and gas field.&lt;/p&gt;
&lt;p&gt;It confirmed that exploration permit BR269 GC would now run until May 5 2015.&lt;/p&gt;
&lt;p&gt;Ombrina Mare, believed to contain 40 million barrels of oil, is currently affected by Italy&amp;rsquo;s offshore drilling ban &amp;ndash; which applies to areas up to five miles from the coastline and twelve miles from nature reserves.&lt;/p&gt;
&lt;p&gt;However MOG has continued to hold talks with the Italian authorities about the restrictions.&lt;/p&gt;
&lt;p&gt;&quot;We are pleased that this licence extension has been granted and we see this as a positive sign in our on-going discussions with the Italian authorities regarding the issuance of a production concession for our proposed development of the Ombrina Mare field,&amp;rdquo; said chief executive Bill Higgs.&lt;/p&gt;
&lt;p&gt;Meanwhile,&amp;nbsp;Panmure Gordon analyst Leila Reddy said:&amp;nbsp;&amp;ldquo;This extension is indeed a positive development, as it strengthens MOG&amp;rsquo;s arguments for a resumption of activities in this field.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;ldquo;We are cautiously optimistic that in time Ombrina Mare will be commercialised.&amp;rdquo;&lt;/p&gt;
&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Wed, 09 May 2012 15:14:00 +0100&lt;/pubDate&gt;
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			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas extends Ombrina Mare exploration permit ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/42514/mediterranean-oil-gas-extends-ombrina-mare-exploration-permit-42514.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) today announced a three year extension to the exploration licence that hosts the Ombrina Mare oil and gas field.&lt;/p&gt;
&lt;p&gt;It confirmed that exploration permit BR269 GC would now run until May 5 2015.&lt;/p&gt;
&lt;p&gt;Ombrina Mare, believed to contain 40 million barrels of oil, is currently affected by Italy&amp;rsquo;s offshore drilling ban &amp;ndash; which applies to areas up to five miles from the coastline and twelve miles from nature reserves.&lt;/p&gt;
&lt;p&gt;However MOG has continued to hold talks with the Italian authorities about the restrictions.&lt;/p&gt;
&lt;p&gt;&quot;We are pleased that this licence extension has been granted and we see this as a positive sign in our on-going discussions with the Italian authorities regarding the issuance of a production concession for our proposed development of the Ombrina Mare field,&amp;rdquo; said chief executive Bill Higgs.&lt;/p&gt;
&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Wed, 09 May 2012 07:30:00 +0100&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/42514/mediterranean-oil-gas-extends-ombrina-mare-exploration-permit-42514.html&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[RNS press release - Extension of Exploration Licence ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120509mog9358c/&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Wed, 09 May 2012 07:00:00 +0100&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/rns/120509mog9358c/&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas: Guendalina gas production in line with Q1 expectations ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/41778/mediterranean-oil-gas-guendalina-gas-production-in-line-with-q1-expectations-41778.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) confirmed that gas production from the Guendalina field was in line with its expectations in the first quarter of 2012.&lt;/p&gt;
&lt;p&gt;Guandalina, a ENI led venture, came on stream in October. Today MOG reported average gross gas production of 580,000 cubic metres per day during the first quarter.&lt;/p&gt;
&lt;p&gt;This equates to 116,000 cubic metres a day for MOG, which has a 20 per cent stake in the venture. MOG will bank first quarter revenues of &amp;euro;4 million as a result.&lt;/p&gt;
&lt;p&gt;Additionally MOG said that a 1,012 square kilometre 3D seismic programme offshore Malta, in Block 4. The results are expected in the early part of the third quarter.&lt;/p&gt;
&lt;p&gt;&quot;We have made a very solid start to the year in delivering both reliable cash flow from our producing assets in Italy, and acquiring the seismic data required to evaluate our prospective resources offshore Malta,&quot; said chief executive Bill Higgs.&lt;/p&gt;
&lt;p&gt;The company told investors that it plans to repay &amp;euro;2 million off its short term loan facility, provided by Och-Ziff Capital Management. The company will then be debt free, it said.&lt;/p&gt;
&lt;p&gt;On the open this morning MOG shares were up 0.4p, or 6 per cent, trading at 6.25p each on AIM.&lt;/p&gt;
&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Mon, 23 Apr 2012 08:13:00 +0100&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/41778/mediterranean-oil-gas-guendalina-gas-production-in-line-with-q1-expectations-41778.html&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[RNS press release - Operations Update ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120423mog8150b/&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Mon, 23 Apr 2012 07:00:00 +0100&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/rns/120423mog8150b/&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[RNS press release - Grant of Options ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120322mog8868z/&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Thu, 22 Mar 2012 13:03:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/rns/120322mog8868z/&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas sales deal for Guendalina to start earlier than previously announced ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/40600/mediterranean-oil-gas-sales-deal-for-guendalina-to-start-earlier-than-previously-announced-40600.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) has amended the sales agreement announced a fortnight ago for its gas from the Guendalina field offshore Italy, to start from April 1 2012.&lt;br /&gt;&lt;br /&gt;The company told investors on March 8 that RePower Italia had agreed to buy the group&amp;rsquo;s entire net gas production from Guendalina over an initial period of one &amp;lsquo;thermal&amp;rsquo; year, to start on October 1 2012 and ending on September 31 2013, with automatic renewals afterwards.&lt;br /&gt;&lt;br /&gt;The deal has now been amended and RePower will take the group&amp;rsquo;s whole net output from April 1.&amp;nbsp;MOG&amp;rsquo;s existing deal with Energetic SpA will terminate on March 31.&lt;br /&gt;&lt;br /&gt;The field is a joint venture with ENI, which has an 80 per cent interest and is the operator.&lt;br /&gt;&lt;br /&gt;Production began in October. Initial production figures, released in November, showed that Guendalina&amp;rsquo;s contribution had quadrupled the firm&amp;rsquo;s gas production from 40,000 cubic metres per day to 160,000 cubic metres.&lt;br /&gt;&lt;br /&gt;Last month, MOG reported a 42 per cent increase in the proven and probable reserves of the field.&lt;br /&gt;&lt;br /&gt;The figure rises to a gross 31.2 billion cubic feet of recoverable 2P reserves, with 6.2 billion cubic feet net to MOG.&lt;/p&gt;
&lt;p&gt;The upgrade was the result of a revised independent competent persons&amp;rsquo; report produced by RPS Energy, which gives a net present value of MOG&#039;s 2P net reserves of &amp;euro;27.2 million using a 10 per cent discount rate.&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Thu, 22 Mar 2012 08:24:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/40600/mediterranean-oil-gas-sales-deal-for-guendalina-to-start-earlier-than-previously-announced-40600.html&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[RNS press release - Gas Sale Contract ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120322mog8277z/&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Thu, 22 Mar 2012 07:00:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/rns/120322mog8277z/&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas hires Bill Higgs as new CEO ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/40277/mediterranean-oil-gas-hires-bill-higgs-as-new-ceo-40277.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) has hired former Chevron strategist Dr Bill Higgs as its new chief executive.&lt;/p&gt;
&lt;p&gt;Higgs has over 23 years experience in the oil and gas industry. Most recently he was senior vice president of operations in Chevron&amp;rsquo;s Saudi Arabia and Kuwait unit. Prior to that he was Chevron&amp;rsquo;s chief strategist, responsible for setting strategy for the oil major&amp;rsquo;s executive leaders.&lt;/p&gt;
&lt;p&gt;&quot;We are delighted that Bill has agreed to become our chief executive officer, bringing his extensive experience of international exploration and development to our board,&amp;rdquo; said chairman Keith Henry.&lt;/p&gt;
&lt;p&gt;&amp;ldquo;His broad expertise and proven innovative and strategic leadership will be invaluable to the company.&quot;&lt;/p&gt;
&lt;p&gt;Higgs said: &quot;I am very much looking forward to working with the Board to help grow Mediterranean Oil and Gas.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;ldquo;This is a very exciting time for the company as we have a strong portfolio and there are many additional opportunities within the greater Mediterranean area.&quot;&lt;/p&gt;
&lt;p&gt;Higgs officially joins the company next Monday. Interim CEO Sergio Morandi will then revert to his prior position of chief operating officer.&lt;/p&gt;
&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Thu, 15 Mar 2012 08:15:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/40277/mediterranean-oil-gas-hires-bill-higgs-as-new-ceo-40277.html&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[RNS press release - Board Appointment ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120315mog3859z/&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Thu, 15 Mar 2012 07:00:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/rns/120315mog3859z/&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas agrees new gas sales deal for Guendalina ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/39955/mediterranean-oil-gas-agrees-new-gas-sales-deal-for-guendalina-39955.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) today revealed it has agreed a deal to sell its entire net gas production from the Guendalina gas field.&lt;/p&gt;
&lt;p&gt;Repower Italia has agreed to buy the gas over an initial period of one &amp;lsquo;thermal&amp;rsquo; year. The contract renews automatically at the end of the initial period, unless terminated by either party.&lt;/p&gt;
&lt;p&gt;The field is a joint venture with ENI, which has an 80 per cent interest and is the operator.&lt;/p&gt;
&lt;p&gt;Production began in October. Initial production figures, released in November, showed that Guendalina&amp;rsquo;s contribution had quadrupled the firm&amp;rsquo;s gas production from 40,000 cubic metres per day to 160,000 cubic metres.&lt;/p&gt;
&lt;p&gt;Last month MOG reported a 42 per cent increase in the proven and probable reserves of the Guendalina gas field, offshore Italy.&lt;/p&gt;
&lt;p&gt;The figure rises to a gross 31.2 billion cubic feet of recoverable 2P reserves, with 6.2bcf net to MOG, which has 20 per cent of Guendalina. The field, 47 miles of the Italian coast, is majority owned by the local major ENI.&lt;/p&gt;
&lt;p&gt;The upgrade was the result of a revised independent competent persons&amp;rsquo; report produced by RPS Energy, which gives a net present value of MOG&#039;s 2P net reserves of &amp;euro;27.2 million using a 10 per cent discount rate.&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Thu, 08 Mar 2012 07:18:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/39955/mediterranean-oil-gas-agrees-new-gas-sales-deal-for-guendalina-39955.html&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[RNS press release - Announcement of Gas Sale Contract ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120308mog9040y/&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Thu, 08 Mar 2012 07:00:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/rns/120308mog9040y/&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas: Panmure Gordon looks at share price catalysts  ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/39030/mediterranean-oil-gas-panmure-gordon-looks-at-share-price-catalysts--39030.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;Exploration in Italy and Malta may provide key catalysts for Mediterranean Oil &amp;amp; Gas to migrate from being a junior gas producer to a mid-cap E&amp;amp;P player, according to City broker Panmure Gordon.&lt;/p&gt;]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Wed, 15 Feb 2012 14:31:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/39030/mediterranean-oil-gas-panmure-gordon-looks-at-share-price-catalysts--39030.html&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[Broker press ]]&gt;&lt;/title&gt;
			&lt;link&gt;&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[15.02.12 :-0.25, (5) Panmure Gordon initiates coverage with a &quot;hold&quot; rating and 6.3p price target.]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Wed, 15 Feb 2012 00:00:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas: Director Donnelly ups stake in firm ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/38954/mediterranean-oil-gas-director-donnelly-ups-stake-in-firm-38954.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;&lt;a href=&quot;http://proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) announced today that director Miles Donnelly has upped his stake in the company.&lt;br /&gt;&lt;br /&gt;The transaction took place yesterday and involved the purchase of 360,000 shares at 4.8 pence each, for a total cost of more than &amp;pound;17,200.&lt;br /&gt;&lt;br /&gt;Following the purchase, Donnelly is interested in 4.385 per cent of the company.&lt;br /&gt;&lt;br /&gt;Donnelly also holds 1 million options to subscribe for shares in the firm with an exercise price of 6 pence that expire on January 19, 2022.&lt;br /&gt;&lt;br /&gt;AIM-quoted MOG is an oil and gas company focused on the Mediterranean area.&lt;br /&gt;&lt;br /&gt;Earlier this month, the company said it had drawn down &amp;euro;2 million of its short term loan for up to &amp;euro;3.5 million to pay for work at its offshore Maltese licence.&lt;br /&gt;&amp;nbsp;&lt;br /&gt;As reported last year, the funds will help the firm pay for the acquisition and processing of 1,000 sq m of 3D seismic over the Area 4 licence offshore Malta under the PSC (production sharing contract) signed with the Maltese Government in 2008.&lt;br /&gt;&lt;br /&gt;The results of the survey should be ready towards the end of the first quarter this year, the firm revealed.&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Tue, 14 Feb 2012 08:22:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/38954/mediterranean-oil-gas-director-donnelly-ups-stake-in-firm-38954.html&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[RNS press release - Director/PDMR Shareholding ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120214mog3335x/&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Tue, 14 Feb 2012 07:01:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/rns/120214mog3335x/&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas draws down on loan facility for Area 4 licence ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/38677/mediterranean-oil-gas-draws-down-on-loan-facility-for-area-4-licence-38677.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;&lt;a href=&quot;http://proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; Plc (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) has drawn down &amp;euro;2 million of its short term loan for up to &amp;euro;3.5 mln to pay for work at its offshore Maltese licence.&lt;br /&gt;&amp;nbsp;&lt;br /&gt;As reported last November, the funds will help the firm pay for the acquisition and processing of 1,000 sq m of 3D seismic over the Area 4 licence offshore Malta under the PSC (production sharing contract) signed with the Maltese Government in 2008.&lt;br /&gt;&lt;br /&gt;The firm entered a contract with Fugro-Geoteam Pty Ltd which carried out the seismic work, which was completed in December.&lt;br /&gt;&lt;br /&gt;The results of the survey should be ready towards the end of the first quarter this year, the firm has said.&lt;br /&gt;&lt;br /&gt;MOG entered into the PSC in 2008 following an encouraging geological and geophysical pre-assessment of Area 4 undertaken by the company and its consultants.&lt;br /&gt;&lt;br /&gt;Four prospects and five leads have been confirmed and delineated in the PSC area and the total un-risked hydrocarbon potential of the PSC Area is estimated to be around&amp;nbsp; 5 billion barrels of oil in place with the resultant total &#039;most likely case&#039; un-risked prospective recoverable oil resources being about 1,500 MMbbls.&lt;br /&gt;&lt;br /&gt;The secured loan is with affiliated investment funds of Och-Ziff Capital Management Group (Och Ziff) - the firm&#039;s largest shareholder.&lt;br /&gt;&lt;br /&gt;Earlier this month, the company unveiled a 42 per cent increase in the proven and probable reserves of the Guendalina gas field, offshore Italy.&lt;br /&gt;&lt;br /&gt;The figure rises to a gross 31.2 billion cubic feet of recoverable 2P reserves, with 6.2bcf net to MOG, which has 20 per cent of Guendalina. The field, 47 miles of the Italian coast, is majority owned by the local major ENI.&lt;br /&gt;&lt;br /&gt;The upgrade was the result of a revised independent competent persons&amp;rsquo; report produced by RPS Energy, which gives a net present value of MOG&#039;s 2P net reserves of &amp;euro;27.2 million using a 10 per cent discount rate.&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Tue, 07 Feb 2012 07:27:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/38677/mediterranean-oil-gas-draws-down-on-loan-facility-for-area-4-licence-38677.html&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[RNS press release - Update on Malta, Offshore Area 4 ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120207mog8803w/&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Tue, 07 Feb 2012 07:00:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/rns/120207mog8803w/&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas says updated CPR gives Guendalina a 42 per cent bump ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/38441/mediterranean-oil-gas-says-updated-cpr-gives-guendalina-a-42-per-cent-bump-38441.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; Plc (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) this morning unveiled a 42 per cent increase in the proven and probable reserves of the Guendalina gas field, offshore Italy.&lt;/p&gt;
&lt;p&gt;The figure rises to a gross 31.2 billion cubic feet of recoverable 2P reserves, with 6.2bcf net to MOG, which has 20 per cent of Guendalina. The field, 47 miless of the Italian coast, is majority owned by the local major ENI.&lt;/p&gt;
&lt;p&gt;The upgrade was the result of a revised independent competent persons&amp;rsquo; report produced by RPS Energy, which gives a net present value of MOG&#039;s 2P net reserves of &amp;euro;27.2 million using a 10 per cent discount rate.&lt;/p&gt;
&lt;p&gt;Sergio Morandi, the company&amp;rsquo;s chief operating officer, said: &quot;We are very pleased to announce that, following the successful start-up of the Guendalina field last October, daily gas production is meeting our pre-development forecasts.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;ldquo;Guendalina&#039;s good production rate, combined with RPS&#039;s independent valuation which increases our recoverable 2P reserves by 42 per cent, is a key milestone for the development of our business plan and significantly increases the company&#039;s net production and revenues.&quot;&lt;/p&gt;
&lt;p&gt;Last month MOG confirmed it had transferred the gas sales contract for the Guendalina gas field to Italian utility Energetic with the new arrangement coming into effect today.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Net revenues from the field are expected to be around &amp;euro;12 million per year. This is based on anticipated production of around 20 million cubic feet of gas per day (20 percent net to MOG) and forecast gas prices.&lt;/p&gt;
&lt;p&gt;Production began in October. Initial production figures, released in November, showed that Guendalina&amp;rsquo;s contribution had quadrupled the firm&amp;rsquo;s gas production from 40,000 cubic metres per day to 160,000 cubic metres.&lt;/p&gt;
&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Wed, 01 Feb 2012 07:37:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/38441/mediterranean-oil-gas-says-updated-cpr-gives-guendalina-a-42-per-cent-bump-38441.html&lt;/guid&gt;
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			&lt;title&gt;&lt;![CDATA[RNS press release - Independent Reserves Certification ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120201mog5491w/&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Wed, 01 Feb 2012 07:00:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/rns/120201mog5491w/&lt;/guid&gt;
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$items	=	array(
	array(
	"id" => "42552",
	"title" => "News - Mediterranean Oil &amp; Gas extends Ombrina Mare exploration permit - UPDATE",
	"pubdate" => "2012-05-09 15:14:00",
	"seftitle" => "mediterranean-oil-gas-extends-ombrina-mare-exploration-permit-update-42552.html",
	"description" => "&lt;p&gt;
&lt;p&gt;&lt;strong&gt;---Adds broker comment---&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) today announced a three year extension to the exploration licence that hosts the Ombrina Mare oil and gas field.&lt;/p&gt;
&lt;p&gt;It confirmed that exploration permit BR269 GC would now run until May 5 2015.&lt;/p&gt;
&lt;p&gt;Ombrina Mare, believed to contain 40 million barrels of oil, is currently affected by Italy&amp;rsquo;s offshore drilling ban &amp;ndash; which applies to areas up to five miles from the coastline and twelve miles from nature reserves.&lt;/p&gt;
&lt;p&gt;However MOG has continued to hold talks with the Italian authorities about the restrictions.&lt;/p&gt;
&lt;p&gt;&quot;We are pleased that this licence extension has been granted and we see this as a positive sign in our on-going discussions with the Italian authorities regarding the issuance of a production concession for our proposed development of the Ombrina Mare field,&amp;rdquo; said chief executive Bill Higgs.&lt;/p&gt;
&lt;p&gt;Meanwhile,&amp;nbsp;Panmure Gordon analyst Leila Reddy said:&amp;nbsp;&amp;ldquo;This extension is indeed a positive development, as it strengthens MOG&amp;rsquo;s arguments for a resumption of activities in this field.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;ldquo;We are cautiously optimistic that in time Ombrina Mare will be commercialised.&amp;rdquo;&lt;/p&gt;
&lt;/p&gt; ",
	"link" => "http://www.proactiveinvestors.co.uk/companies/news/42552/mediterranean-oil-gas-extends-ombrina-mare-exploration-permit-update-42552.html"
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	array(
	"id" => "42514",
	"title" => "News - Mediterranean Oil &amp; Gas extends Ombrina Mare exploration permit",
	"pubdate" => "2012-05-09 07:30:00",
	"seftitle" => "mediterranean-oil-gas-extends-ombrina-mare-exploration-permit-42514.html",
	"description" => "&lt;p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) today announced a three year extension to the exploration licence that hosts the Ombrina Mare oil and gas field.&lt;/p&gt;
&lt;p&gt;It confirmed that exploration permit BR269 GC would now run until May 5 2015.&lt;/p&gt;
&lt;p&gt;Ombrina Mare, believed to contain 40 million barrels of oil, is currently affected by Italy&amp;rsquo;s offshore drilling ban &amp;ndash; which applies to areas up to five miles from the coastline and twelve miles from nature reserves.&lt;/p&gt;
&lt;p&gt;However MOG has continued to hold talks with the Italian authorities about the restrictions.&lt;/p&gt;
&lt;p&gt;&quot;We are pleased that this licence extension has been granted and we see this as a positive sign in our on-going discussions with the Italian authorities regarding the issuance of a production concession for our proposed development of the Ombrina Mare field,&amp;rdquo; said chief executive Bill Higgs.&lt;/p&gt;
&lt;/p&gt; ",
	"link" => "http://www.proactiveinvestors.co.uk/companies/news/42514/mediterranean-oil-gas-extends-ombrina-mare-exploration-permit-42514.html"
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	array(
	"id" => "120509mog9358c",
	"title" => "RNS press release - Extension of Exploration Licence",
	"pubdate" => "2012-05-09 07:00:00",
	"seftitle" => "",
	"description" => "",
	"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120509mog9358c/"
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	array(
	"id" => "41778",
	"title" => "News - Mediterranean Oil &amp; Gas: Guendalina gas production in line with Q1 expectations",
	"pubdate" => "2012-04-23 08:13:00",
	"seftitle" => "mediterranean-oil-gas-guendalina-gas-production-in-line-with-q1-expectations-41778.html",
	"description" => "&lt;p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) confirmed that gas production from the Guendalina field was in line with its expectations in the first quarter of 2012.&lt;/p&gt;
&lt;p&gt;Guandalina, a ENI led venture, came on stream in October. Today MOG reported average gross gas production of 580,000 cubic metres per day during the first quarter.&lt;/p&gt;
&lt;p&gt;This equates to 116,000 cubic metres a day for MOG, which has a 20 per cent stake in the venture. MOG will bank first quarter revenues of &amp;euro;4 million as a result.&lt;/p&gt;
&lt;p&gt;Additionally MOG said that a 1,012 square kilometre 3D seismic programme offshore Malta, in Block 4. The results are expected in the early part of the third quarter.&lt;/p&gt;
&lt;p&gt;&quot;We have made a very solid start to the year in delivering both reliable cash flow from our producing assets in Italy, and acquiring the seismic data required to evaluate our prospective resources offshore Malta,&quot; said chief executive Bill Higgs.&lt;/p&gt;
&lt;p&gt;The company told investors that it plans to repay &amp;euro;2 million off its short term loan facility, provided by Och-Ziff Capital Management. The company will then be debt free, it said.&lt;/p&gt;
&lt;p&gt;On the open this morning MOG shares were up 0.4p, or 6 per cent, trading at 6.25p each on AIM.&lt;/p&gt;
&lt;/p&gt; ",
	"link" => "http://www.proactiveinvestors.co.uk/companies/news/41778/mediterranean-oil-gas-guendalina-gas-production-in-line-with-q1-expectations-41778.html"
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	array(
	"id" => "120423mog8150b",
	"title" => "RNS press release - Operations Update",
	"pubdate" => "2012-04-23 07:00:00",
	"seftitle" => "",
	"description" => "",
	"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120423mog8150b/"
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	array(
	"id" => "120322mog8868z",
	"title" => "RNS press release - Grant of Options",
	"pubdate" => "2012-03-22 13:03:00",
	"seftitle" => "",
	"description" => "",
	"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120322mog8868z/"
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	array(
	"id" => "40600",
	"title" => "News - Mediterranean Oil &amp; Gas sales deal for Guendalina to start earlier than previously announced",
	"pubdate" => "2012-03-22 08:24:00",
	"seftitle" => "mediterranean-oil-gas-sales-deal-for-guendalina-to-start-earlier-than-previously-announced-40600.html",
	"description" => "&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) has amended the sales agreement announced a fortnight ago for its gas from the Guendalina field offshore Italy, to start from April 1 2012.&lt;br /&gt;&lt;br /&gt;The company told investors on March 8 that RePower Italia had agreed to buy the group&amp;rsquo;s entire net gas production from Guendalina over an initial period of one &amp;lsquo;thermal&amp;rsquo; year, to start on October 1 2012 and ending on September 31 2013, with automatic renewals afterwards.&lt;br /&gt;&lt;br /&gt;The deal has now been amended and RePower will take the group&amp;rsquo;s whole net output from April 1.&amp;nbsp;MOG&amp;rsquo;s existing deal with Energetic SpA will terminate on March 31.&lt;br /&gt;&lt;br /&gt;The field is a joint venture with ENI, which has an 80 per cent interest and is the operator.&lt;br /&gt;&lt;br /&gt;Production began in October. Initial production figures, released in November, showed that Guendalina&amp;rsquo;s contribution had quadrupled the firm&amp;rsquo;s gas production from 40,000 cubic metres per day to 160,000 cubic metres.&lt;br /&gt;&lt;br /&gt;Last month, MOG reported a 42 per cent increase in the proven and probable reserves of the field.&lt;br /&gt;&lt;br /&gt;The figure rises to a gross 31.2 billion cubic feet of recoverable 2P reserves, with 6.2 billion cubic feet net to MOG.&lt;/p&gt;
&lt;p&gt;The upgrade was the result of a revised independent competent persons&amp;rsquo; report produced by RPS Energy, which gives a net present value of MOG&#039;s 2P net reserves of &amp;euro;27.2 million using a 10 per cent discount rate.&lt;/p&gt; ",
	"link" => "http://www.proactiveinvestors.co.uk/companies/news/40600/mediterranean-oil-gas-sales-deal-for-guendalina-to-start-earlier-than-previously-announced-40600.html"
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	array(
	"id" => "120322mog8277z",
	"title" => "RNS press release - Gas Sale Contract",
	"pubdate" => "2012-03-22 07:00:00",
	"seftitle" => "",
	"description" => "",
	"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120322mog8277z/"
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	array(
	"id" => "40277",
	"title" => "News - Mediterranean Oil &amp; Gas hires Bill Higgs as new CEO",
	"pubdate" => "2012-03-15 08:15:00",
	"seftitle" => "mediterranean-oil-gas-hires-bill-higgs-as-new-ceo-40277.html",
	"description" => "&lt;p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) has hired former Chevron strategist Dr Bill Higgs as its new chief executive.&lt;/p&gt;
&lt;p&gt;Higgs has over 23 years experience in the oil and gas industry. Most recently he was senior vice president of operations in Chevron&amp;rsquo;s Saudi Arabia and Kuwait unit. Prior to that he was Chevron&amp;rsquo;s chief strategist, responsible for setting strategy for the oil major&amp;rsquo;s executive leaders.&lt;/p&gt;
&lt;p&gt;&quot;We are delighted that Bill has agreed to become our chief executive officer, bringing his extensive experience of international exploration and development to our board,&amp;rdquo; said chairman Keith Henry.&lt;/p&gt;
&lt;p&gt;&amp;ldquo;His broad expertise and proven innovative and strategic leadership will be invaluable to the company.&quot;&lt;/p&gt;
&lt;p&gt;Higgs said: &quot;I am very much looking forward to working with the Board to help grow Mediterranean Oil and Gas.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;ldquo;This is a very exciting time for the company as we have a strong portfolio and there are many additional opportunities within the greater Mediterranean area.&quot;&lt;/p&gt;
&lt;p&gt;Higgs officially joins the company next Monday. Interim CEO Sergio Morandi will then revert to his prior position of chief operating officer.&lt;/p&gt;
&lt;/p&gt; ",
	"link" => "http://www.proactiveinvestors.co.uk/companies/news/40277/mediterranean-oil-gas-hires-bill-higgs-as-new-ceo-40277.html"
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	array(
	"id" => "120315mog3859z",
	"title" => "RNS press release - Board Appointment",
	"pubdate" => "2012-03-15 07:00:00",
	"seftitle" => "",
	"description" => "",
	"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120315mog3859z/"
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	array(
	"id" => "39955",
	"title" => "News - Mediterranean Oil &amp; Gas agrees new gas sales deal for Guendalina",
	"pubdate" => "2012-03-08 07:18:00",
	"seftitle" => "mediterranean-oil-gas-agrees-new-gas-sales-deal-for-guendalina-39955.html",
	"description" => "&lt;p&gt;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) today revealed it has agreed a deal to sell its entire net gas production from the Guendalina gas field.&lt;/p&gt;
&lt;p&gt;Repower Italia has agreed to buy the gas over an initial period of one &amp;lsquo;thermal&amp;rsquo; year. The contract renews automatically at the end of the initial period, unless terminated by either party.&lt;/p&gt;
&lt;p&gt;The field is a joint venture with ENI, which has an 80 per cent interest and is the operator.&lt;/p&gt;
&lt;p&gt;Production began in October. Initial production figures, released in November, showed that Guendalina&amp;rsquo;s contribution had quadrupled the firm&amp;rsquo;s gas production from 40,000 cubic metres per day to 160,000 cubic metres.&lt;/p&gt;
&lt;p&gt;Last month MOG reported a 42 per cent increase in the proven and probable reserves of the Guendalina gas field, offshore Italy.&lt;/p&gt;
&lt;p&gt;The figure rises to a gross 31.2 billion cubic feet of recoverable 2P reserves, with 6.2bcf net to MOG, which has 20 per cent of Guendalina. The field, 47 miles of the Italian coast, is majority owned by the local major ENI.&lt;/p&gt;
&lt;p&gt;The upgrade was the result of a revised independent competent persons&amp;rsquo; report produced by RPS Energy, which gives a net present value of MOG&#039;s 2P net reserves of &amp;euro;27.2 million using a 10 per cent discount rate.&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&lt;/p&gt; ",
	"link" => "http://www.proactiveinvestors.co.uk/companies/news/39955/mediterranean-oil-gas-agrees-new-gas-sales-deal-for-guendalina-39955.html"
),
	array(
	"id" => "120308mog9040y",
	"title" => "RNS press release - Announcement of Gas Sale Contract",
	"pubdate" => "2012-03-08 07:00:00",
	"seftitle" => "",
	"description" => "",
	"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120308mog9040y/"
),
	array(
	"id" => "39030",
	"title" => "News - Mediterranean Oil &amp; Gas: Panmure Gordon looks at share price catalysts ",
	"pubdate" => "2012-02-15 14:31:00",
	"seftitle" => "mediterranean-oil-gas-panmure-gordon-looks-at-share-price-catalysts--39030.html",
	"description" => "&lt;p&gt;Exploration in Italy and Malta may provide key catalysts for Mediterranean Oil &amp;amp; Gas to migrate from being a junior gas producer to a mid-cap E&amp;amp;P player, according to City broker Panmure Gordon.&lt;/p&gt;",
	"link" => "http://www.proactiveinvestors.co.uk/companies/news/39030/mediterranean-oil-gas-panmure-gordon-looks-at-share-price-catalysts--39030.html"
),
	array(
	"id" => "",
	"title" => "Broker press",
	"pubdate" => "2012-02-15 00:00:00",
	"seftitle" => "",
	"description" => "15.02.12 :-0.25, (5) Panmure Gordon initiates coverage with a &quot;hold&quot; rating and 6.3p price target.",
	"link" => ""
),
	array(
	"id" => "38954",
	"title" => "News - Mediterranean Oil &amp; Gas: Director Donnelly ups stake in firm",
	"pubdate" => "2012-02-14 08:22:00",
	"seftitle" => "mediterranean-oil-gas-director-donnelly-ups-stake-in-firm-38954.html",
	"description" => "&lt;p&gt;&lt;a href=&quot;http://proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) announced today that director Miles Donnelly has upped his stake in the company.&lt;br /&gt;&lt;br /&gt;The transaction took place yesterday and involved the purchase of 360,000 shares at 4.8 pence each, for a total cost of more than &amp;pound;17,200.&lt;br /&gt;&lt;br /&gt;Following the purchase, Donnelly is interested in 4.385 per cent of the company.&lt;br /&gt;&lt;br /&gt;Donnelly also holds 1 million options to subscribe for shares in the firm with an exercise price of 6 pence that expire on January 19, 2022.&lt;br /&gt;&lt;br /&gt;AIM-quoted MOG is an oil and gas company focused on the Mediterranean area.&lt;br /&gt;&lt;br /&gt;Earlier this month, the company said it had drawn down &amp;euro;2 million of its short term loan for up to &amp;euro;3.5 million to pay for work at its offshore Maltese licence.&lt;br /&gt;&amp;nbsp;&lt;br /&gt;As reported last year, the funds will help the firm pay for the acquisition and processing of 1,000 sq m of 3D seismic over the Area 4 licence offshore Malta under the PSC (production sharing contract) signed with the Maltese Government in 2008.&lt;br /&gt;&lt;br /&gt;The results of the survey should be ready towards the end of the first quarter this year, the firm revealed.&lt;/p&gt; ",
	"link" => "http://www.proactiveinvestors.co.uk/companies/news/38954/mediterranean-oil-gas-director-donnelly-ups-stake-in-firm-38954.html"
),
	array(
	"id" => "120214mog3335x",
	"title" => "RNS press release - Director/PDMR Shareholding",
	"pubdate" => "2012-02-14 07:01:00",
	"seftitle" => "",
	"description" => "",
	"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120214mog3335x/"
),
	array(
	"id" => "38677",
	"title" => "News - Mediterranean Oil &amp; Gas draws down on loan facility for Area 4 licence",
	"pubdate" => "2012-02-07 07:27:00",
	"seftitle" => "mediterranean-oil-gas-draws-down-on-loan-facility-for-area-4-licence-38677.html",
	"description" => "&lt;p&gt;&lt;a href=&quot;http://proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; Plc (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) has drawn down &amp;euro;2 million of its short term loan for up to &amp;euro;3.5 mln to pay for work at its offshore Maltese licence.&lt;br /&gt;&amp;nbsp;&lt;br /&gt;As reported last November, the funds will help the firm pay for the acquisition and processing of 1,000 sq m of 3D seismic over the Area 4 licence offshore Malta under the PSC (production sharing contract) signed with the Maltese Government in 2008.&lt;br /&gt;&lt;br /&gt;The firm entered a contract with Fugro-Geoteam Pty Ltd which carried out the seismic work, which was completed in December.&lt;br /&gt;&lt;br /&gt;The results of the survey should be ready towards the end of the first quarter this year, the firm has said.&lt;br /&gt;&lt;br /&gt;MOG entered into the PSC in 2008 following an encouraging geological and geophysical pre-assessment of Area 4 undertaken by the company and its consultants.&lt;br /&gt;&lt;br /&gt;Four prospects and five leads have been confirmed and delineated in the PSC area and the total un-risked hydrocarbon potential of the PSC Area is estimated to be around&amp;nbsp; 5 billion barrels of oil in place with the resultant total &#039;most likely case&#039; un-risked prospective recoverable oil resources being about 1,500 MMbbls.&lt;br /&gt;&lt;br /&gt;The secured loan is with affiliated investment funds of Och-Ziff Capital Management Group (Och Ziff) - the firm&#039;s largest shareholder.&lt;br /&gt;&lt;br /&gt;Earlier this month, the company unveiled a 42 per cent increase in the proven and probable reserves of the Guendalina gas field, offshore Italy.&lt;br /&gt;&lt;br /&gt;The figure rises to a gross 31.2 billion cubic feet of recoverable 2P reserves, with 6.2bcf net to MOG, which has 20 per cent of Guendalina. The field, 47 miles of the Italian coast, is majority owned by the local major ENI.&lt;br /&gt;&lt;br /&gt;The upgrade was the result of a revised independent competent persons&amp;rsquo; report produced by RPS Energy, which gives a net present value of MOG&#039;s 2P net reserves of &amp;euro;27.2 million using a 10 per cent discount rate.&lt;/p&gt; ",
	"link" => "http://www.proactiveinvestors.co.uk/companies/news/38677/mediterranean-oil-gas-draws-down-on-loan-facility-for-area-4-licence-38677.html"
),
	array(
	"id" => "120207mog8803w",
	"title" => "RNS press release - Update on Malta, Offshore Area 4",
	"pubdate" => "2012-02-07 07:00:00",
	"seftitle" => "",
	"description" => "",
	"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120207mog8803w/"
),
	array(
	"id" => "38441",
	"title" => "News - Mediterranean Oil &amp; Gas says updated CPR gives Guendalina a 42 per cent bump",
	"pubdate" => "2012-02-01 07:37:00",
	"seftitle" => "mediterranean-oil-gas-says-updated-cpr-gives-guendalina-a-42-per-cent-bump-38441.html",
	"description" => "&lt;p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; Plc (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) this morning unveiled a 42 per cent increase in the proven and probable reserves of the Guendalina gas field, offshore Italy.&lt;/p&gt;
&lt;p&gt;The figure rises to a gross 31.2 billion cubic feet of recoverable 2P reserves, with 6.2bcf net to MOG, which has 20 per cent of Guendalina. The field, 47 miless of the Italian coast, is majority owned by the local major ENI.&lt;/p&gt;
&lt;p&gt;The upgrade was the result of a revised independent competent persons&amp;rsquo; report produced by RPS Energy, which gives a net present value of MOG&#039;s 2P net reserves of &amp;euro;27.2 million using a 10 per cent discount rate.&lt;/p&gt;
&lt;p&gt;Sergio Morandi, the company&amp;rsquo;s chief operating officer, said: &quot;We are very pleased to announce that, following the successful start-up of the Guendalina field last October, daily gas production is meeting our pre-development forecasts.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;ldquo;Guendalina&#039;s good production rate, combined with RPS&#039;s independent valuation which increases our recoverable 2P reserves by 42 per cent, is a key milestone for the development of our business plan and significantly increases the company&#039;s net production and revenues.&quot;&lt;/p&gt;
&lt;p&gt;Last month MOG confirmed it had transferred the gas sales contract for the Guendalina gas field to Italian utility Energetic with the new arrangement coming into effect today.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Net revenues from the field are expected to be around &amp;euro;12 million per year. This is based on anticipated production of around 20 million cubic feet of gas per day (20 percent net to MOG) and forecast gas prices.&lt;/p&gt;
&lt;p&gt;Production began in October. Initial production figures, released in November, showed that Guendalina&amp;rsquo;s contribution had quadrupled the firm&amp;rsquo;s gas production from 40,000 cubic metres per day to 160,000 cubic metres.&lt;/p&gt;
&lt;/p&gt; ",
	"link" => "http://www.proactiveinvestors.co.uk/companies/news/38441/mediterranean-oil-gas-says-updated-cpr-gives-guendalina-a-42-per-cent-bump-38441.html"
),
	array(
	"id" => "120201mog5491w",
	"title" => "RNS press release - Independent Reserves Certification",
	"pubdate" => "2012-02-01 07:00:00",
	"seftitle" => "",
	"description" => "",
	"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120201mog5491w/"
)
)
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	&lt;title&gt;Proactiveinvestors United Kingdom Mediterranean Oil &amp;amp; Gas&lt;/title&gt;
	&lt;link&gt;http://www.proactiveinvestors.co.uk&lt;/link&gt;
	&lt;description&gt;Proactiveinvestors United Kingdom Mediterranean Oil &amp;amp; Gas RSS feed
            &lt;/description&gt;
	&lt;language&gt;en&lt;/language&gt;
	&lt;pubDate&gt;Wed, 23 May 2012 15:19:09 +0100&lt;/pubDate&gt;
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	&lt;atom:link href=&quot;http://www.proactiveinvestors.co.uk/LON:MOG/Mediterranean-Oil-Gas/all_news&quot; rel=&quot;self&quot; type=&quot;application/rss+xml&quot; /&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas extends Ombrina Mare exploration permit - UPDATE ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/42552/mediterranean-oil-gas-extends-ombrina-mare-exploration-permit-update-42552.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;
&lt;p&gt;&lt;strong&gt;---Adds broker comment---&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) today announced a three year extension to the exploration licence that hosts the Ombrina Mare oil and gas field.&lt;/p&gt;
&lt;p&gt;It confirmed that exploration permit BR269 GC would now run until May 5 2015.&lt;/p&gt;
&lt;p&gt;Ombrina Mare, believed to contain 40 million barrels of oil, is currently affected by Italy&amp;rsquo;s offshore drilling ban &amp;ndash; which applies to areas up to five miles from the coastline and twelve miles from nature reserves.&lt;/p&gt;
&lt;p&gt;However MOG has continued to hold talks with the Italian authorities about the restrictions.&lt;/p&gt;
&lt;p&gt;&quot;We are pleased that this licence extension has been granted and we see this as a positive sign in our on-going discussions with the Italian authorities regarding the issuance of a production concession for our proposed development of the Ombrina Mare field,&amp;rdquo; said chief executive Bill Higgs.&lt;/p&gt;
&lt;p&gt;Meanwhile,&amp;nbsp;Panmure Gordon analyst Leila Reddy said:&amp;nbsp;&amp;ldquo;This extension is indeed a positive development, as it strengthens MOG&amp;rsquo;s arguments for a resumption of activities in this field.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;ldquo;We are cautiously optimistic that in time Ombrina Mare will be commercialised.&amp;rdquo;&lt;/p&gt;
&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Wed, 09 May 2012 15:14:00 +0100&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/42552/mediterranean-oil-gas-extends-ombrina-mare-exploration-permit-update-42552.html&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas extends Ombrina Mare exploration permit ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/42514/mediterranean-oil-gas-extends-ombrina-mare-exploration-permit-42514.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) today announced a three year extension to the exploration licence that hosts the Ombrina Mare oil and gas field.&lt;/p&gt;
&lt;p&gt;It confirmed that exploration permit BR269 GC would now run until May 5 2015.&lt;/p&gt;
&lt;p&gt;Ombrina Mare, believed to contain 40 million barrels of oil, is currently affected by Italy&amp;rsquo;s offshore drilling ban &amp;ndash; which applies to areas up to five miles from the coastline and twelve miles from nature reserves.&lt;/p&gt;
&lt;p&gt;However MOG has continued to hold talks with the Italian authorities about the restrictions.&lt;/p&gt;
&lt;p&gt;&quot;We are pleased that this licence extension has been granted and we see this as a positive sign in our on-going discussions with the Italian authorities regarding the issuance of a production concession for our proposed development of the Ombrina Mare field,&amp;rdquo; said chief executive Bill Higgs.&lt;/p&gt;
&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Wed, 09 May 2012 07:30:00 +0100&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/42514/mediterranean-oil-gas-extends-ombrina-mare-exploration-permit-42514.html&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[RNS press release - Extension of Exploration Licence ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120509mog9358c/&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Wed, 09 May 2012 07:00:00 +0100&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/rns/120509mog9358c/&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas: Guendalina gas production in line with Q1 expectations ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/41778/mediterranean-oil-gas-guendalina-gas-production-in-line-with-q1-expectations-41778.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) confirmed that gas production from the Guendalina field was in line with its expectations in the first quarter of 2012.&lt;/p&gt;
&lt;p&gt;Guandalina, a ENI led venture, came on stream in October. Today MOG reported average gross gas production of 580,000 cubic metres per day during the first quarter.&lt;/p&gt;
&lt;p&gt;This equates to 116,000 cubic metres a day for MOG, which has a 20 per cent stake in the venture. MOG will bank first quarter revenues of &amp;euro;4 million as a result.&lt;/p&gt;
&lt;p&gt;Additionally MOG said that a 1,012 square kilometre 3D seismic programme offshore Malta, in Block 4. The results are expected in the early part of the third quarter.&lt;/p&gt;
&lt;p&gt;&quot;We have made a very solid start to the year in delivering both reliable cash flow from our producing assets in Italy, and acquiring the seismic data required to evaluate our prospective resources offshore Malta,&quot; said chief executive Bill Higgs.&lt;/p&gt;
&lt;p&gt;The company told investors that it plans to repay &amp;euro;2 million off its short term loan facility, provided by Och-Ziff Capital Management. The company will then be debt free, it said.&lt;/p&gt;
&lt;p&gt;On the open this morning MOG shares were up 0.4p, or 6 per cent, trading at 6.25p each on AIM.&lt;/p&gt;
&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Mon, 23 Apr 2012 08:13:00 +0100&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/41778/mediterranean-oil-gas-guendalina-gas-production-in-line-with-q1-expectations-41778.html&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[RNS press release - Operations Update ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120423mog8150b/&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Mon, 23 Apr 2012 07:00:00 +0100&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/rns/120423mog8150b/&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[RNS press release - Grant of Options ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120322mog8868z/&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Thu, 22 Mar 2012 13:03:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/rns/120322mog8868z/&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas sales deal for Guendalina to start earlier than previously announced ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/40600/mediterranean-oil-gas-sales-deal-for-guendalina-to-start-earlier-than-previously-announced-40600.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) has amended the sales agreement announced a fortnight ago for its gas from the Guendalina field offshore Italy, to start from April 1 2012.&lt;br /&gt;&lt;br /&gt;The company told investors on March 8 that RePower Italia had agreed to buy the group&amp;rsquo;s entire net gas production from Guendalina over an initial period of one &amp;lsquo;thermal&amp;rsquo; year, to start on October 1 2012 and ending on September 31 2013, with automatic renewals afterwards.&lt;br /&gt;&lt;br /&gt;The deal has now been amended and RePower will take the group&amp;rsquo;s whole net output from April 1.&amp;nbsp;MOG&amp;rsquo;s existing deal with Energetic SpA will terminate on March 31.&lt;br /&gt;&lt;br /&gt;The field is a joint venture with ENI, which has an 80 per cent interest and is the operator.&lt;br /&gt;&lt;br /&gt;Production began in October. Initial production figures, released in November, showed that Guendalina&amp;rsquo;s contribution had quadrupled the firm&amp;rsquo;s gas production from 40,000 cubic metres per day to 160,000 cubic metres.&lt;br /&gt;&lt;br /&gt;Last month, MOG reported a 42 per cent increase in the proven and probable reserves of the field.&lt;br /&gt;&lt;br /&gt;The figure rises to a gross 31.2 billion cubic feet of recoverable 2P reserves, with 6.2 billion cubic feet net to MOG.&lt;/p&gt;
&lt;p&gt;The upgrade was the result of a revised independent competent persons&amp;rsquo; report produced by RPS Energy, which gives a net present value of MOG&#039;s 2P net reserves of &amp;euro;27.2 million using a 10 per cent discount rate.&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Thu, 22 Mar 2012 08:24:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/40600/mediterranean-oil-gas-sales-deal-for-guendalina-to-start-earlier-than-previously-announced-40600.html&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[RNS press release - Gas Sale Contract ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120322mog8277z/&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Thu, 22 Mar 2012 07:00:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/rns/120322mog8277z/&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas hires Bill Higgs as new CEO ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/40277/mediterranean-oil-gas-hires-bill-higgs-as-new-ceo-40277.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) has hired former Chevron strategist Dr Bill Higgs as its new chief executive.&lt;/p&gt;
&lt;p&gt;Higgs has over 23 years experience in the oil and gas industry. Most recently he was senior vice president of operations in Chevron&amp;rsquo;s Saudi Arabia and Kuwait unit. Prior to that he was Chevron&amp;rsquo;s chief strategist, responsible for setting strategy for the oil major&amp;rsquo;s executive leaders.&lt;/p&gt;
&lt;p&gt;&quot;We are delighted that Bill has agreed to become our chief executive officer, bringing his extensive experience of international exploration and development to our board,&amp;rdquo; said chairman Keith Henry.&lt;/p&gt;
&lt;p&gt;&amp;ldquo;His broad expertise and proven innovative and strategic leadership will be invaluable to the company.&quot;&lt;/p&gt;
&lt;p&gt;Higgs said: &quot;I am very much looking forward to working with the Board to help grow Mediterranean Oil and Gas.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;ldquo;This is a very exciting time for the company as we have a strong portfolio and there are many additional opportunities within the greater Mediterranean area.&quot;&lt;/p&gt;
&lt;p&gt;Higgs officially joins the company next Monday. Interim CEO Sergio Morandi will then revert to his prior position of chief operating officer.&lt;/p&gt;
&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Thu, 15 Mar 2012 08:15:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/40277/mediterranean-oil-gas-hires-bill-higgs-as-new-ceo-40277.html&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[RNS press release - Board Appointment ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120315mog3859z/&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Thu, 15 Mar 2012 07:00:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/rns/120315mog3859z/&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas agrees new gas sales deal for Guendalina ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/39955/mediterranean-oil-gas-agrees-new-gas-sales-deal-for-guendalina-39955.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) today revealed it has agreed a deal to sell its entire net gas production from the Guendalina gas field.&lt;/p&gt;
&lt;p&gt;Repower Italia has agreed to buy the gas over an initial period of one &amp;lsquo;thermal&amp;rsquo; year. The contract renews automatically at the end of the initial period, unless terminated by either party.&lt;/p&gt;
&lt;p&gt;The field is a joint venture with ENI, which has an 80 per cent interest and is the operator.&lt;/p&gt;
&lt;p&gt;Production began in October. Initial production figures, released in November, showed that Guendalina&amp;rsquo;s contribution had quadrupled the firm&amp;rsquo;s gas production from 40,000 cubic metres per day to 160,000 cubic metres.&lt;/p&gt;
&lt;p&gt;Last month MOG reported a 42 per cent increase in the proven and probable reserves of the Guendalina gas field, offshore Italy.&lt;/p&gt;
&lt;p&gt;The figure rises to a gross 31.2 billion cubic feet of recoverable 2P reserves, with 6.2bcf net to MOG, which has 20 per cent of Guendalina. The field, 47 miles of the Italian coast, is majority owned by the local major ENI.&lt;/p&gt;
&lt;p&gt;The upgrade was the result of a revised independent competent persons&amp;rsquo; report produced by RPS Energy, which gives a net present value of MOG&#039;s 2P net reserves of &amp;euro;27.2 million using a 10 per cent discount rate.&lt;/p&gt;
&lt;p&gt;&amp;nbsp;&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Thu, 08 Mar 2012 07:18:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/39955/mediterranean-oil-gas-agrees-new-gas-sales-deal-for-guendalina-39955.html&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[RNS press release - Announcement of Gas Sale Contract ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120308mog9040y/&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Thu, 08 Mar 2012 07:00:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/rns/120308mog9040y/&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas: Panmure Gordon looks at share price catalysts  ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/39030/mediterranean-oil-gas-panmure-gordon-looks-at-share-price-catalysts--39030.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;Exploration in Italy and Malta may provide key catalysts for Mediterranean Oil &amp;amp; Gas to migrate from being a junior gas producer to a mid-cap E&amp;amp;P player, according to City broker Panmure Gordon.&lt;/p&gt;]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Wed, 15 Feb 2012 14:31:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/39030/mediterranean-oil-gas-panmure-gordon-looks-at-share-price-catalysts--39030.html&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[Broker press ]]&gt;&lt;/title&gt;
			&lt;link&gt;&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[15.02.12 :-0.25, (5) Panmure Gordon initiates coverage with a &quot;hold&quot; rating and 6.3p price target.]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Wed, 15 Feb 2012 00:00:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas: Director Donnelly ups stake in firm ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/38954/mediterranean-oil-gas-director-donnelly-ups-stake-in-firm-38954.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;&lt;a href=&quot;http://proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; (&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) announced today that director Miles Donnelly has upped his stake in the company.&lt;br /&gt;&lt;br /&gt;The transaction took place yesterday and involved the purchase of 360,000 shares at 4.8 pence each, for a total cost of more than &amp;pound;17,200.&lt;br /&gt;&lt;br /&gt;Following the purchase, Donnelly is interested in 4.385 per cent of the company.&lt;br /&gt;&lt;br /&gt;Donnelly also holds 1 million options to subscribe for shares in the firm with an exercise price of 6 pence that expire on January 19, 2022.&lt;br /&gt;&lt;br /&gt;AIM-quoted MOG is an oil and gas company focused on the Mediterranean area.&lt;br /&gt;&lt;br /&gt;Earlier this month, the company said it had drawn down &amp;euro;2 million of its short term loan for up to &amp;euro;3.5 million to pay for work at its offshore Maltese licence.&lt;br /&gt;&amp;nbsp;&lt;br /&gt;As reported last year, the funds will help the firm pay for the acquisition and processing of 1,000 sq m of 3D seismic over the Area 4 licence offshore Malta under the PSC (production sharing contract) signed with the Maltese Government in 2008.&lt;br /&gt;&lt;br /&gt;The results of the survey should be ready towards the end of the first quarter this year, the firm revealed.&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Tue, 14 Feb 2012 08:22:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/38954/mediterranean-oil-gas-director-donnelly-ups-stake-in-firm-38954.html&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[RNS press release - Director/PDMR Shareholding ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120214mog3335x/&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Tue, 14 Feb 2012 07:01:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/rns/120214mog3335x/&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas draws down on loan facility for Area 4 licence ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/38677/mediterranean-oil-gas-draws-down-on-loan-facility-for-area-4-licence-38677.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;&lt;a href=&quot;http://proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; Plc (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) has drawn down &amp;euro;2 million of its short term loan for up to &amp;euro;3.5 mln to pay for work at its offshore Maltese licence.&lt;br /&gt;&amp;nbsp;&lt;br /&gt;As reported last November, the funds will help the firm pay for the acquisition and processing of 1,000 sq m of 3D seismic over the Area 4 licence offshore Malta under the PSC (production sharing contract) signed with the Maltese Government in 2008.&lt;br /&gt;&lt;br /&gt;The firm entered a contract with Fugro-Geoteam Pty Ltd which carried out the seismic work, which was completed in December.&lt;br /&gt;&lt;br /&gt;The results of the survey should be ready towards the end of the first quarter this year, the firm has said.&lt;br /&gt;&lt;br /&gt;MOG entered into the PSC in 2008 following an encouraging geological and geophysical pre-assessment of Area 4 undertaken by the company and its consultants.&lt;br /&gt;&lt;br /&gt;Four prospects and five leads have been confirmed and delineated in the PSC area and the total un-risked hydrocarbon potential of the PSC Area is estimated to be around&amp;nbsp; 5 billion barrels of oil in place with the resultant total &#039;most likely case&#039; un-risked prospective recoverable oil resources being about 1,500 MMbbls.&lt;br /&gt;&lt;br /&gt;The secured loan is with affiliated investment funds of Och-Ziff Capital Management Group (Och Ziff) - the firm&#039;s largest shareholder.&lt;br /&gt;&lt;br /&gt;Earlier this month, the company unveiled a 42 per cent increase in the proven and probable reserves of the Guendalina gas field, offshore Italy.&lt;br /&gt;&lt;br /&gt;The figure rises to a gross 31.2 billion cubic feet of recoverable 2P reserves, with 6.2bcf net to MOG, which has 20 per cent of Guendalina. The field, 47 miles of the Italian coast, is majority owned by the local major ENI.&lt;br /&gt;&lt;br /&gt;The upgrade was the result of a revised independent competent persons&amp;rsquo; report produced by RPS Energy, which gives a net present value of MOG&#039;s 2P net reserves of &amp;euro;27.2 million using a 10 per cent discount rate.&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Tue, 07 Feb 2012 07:27:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/38677/mediterranean-oil-gas-draws-down-on-loan-facility-for-area-4-licence-38677.html&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[RNS press release - Update on Malta, Offshore Area 4 ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120207mog8803w/&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Tue, 07 Feb 2012 07:00:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/rns/120207mog8803w/&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[News - Mediterranean Oil &amp; Gas says updated CPR gives Guendalina a 42 per cent bump ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/news/38441/mediterranean-oil-gas-says-updated-cpr-gives-guendalina-a-42-per-cent-bump-38441.html&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[&lt;p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;Mediterranean Oil &amp;amp; Gas&lt;/a&gt; Plc (&lt;a href=&quot;/companies/overview/1018/mediterranean-oil-gas-1018.html&quot; class=&quot;companyPopupTrigger&quot; rel=&quot;1018&quot;&gt;LON:MOG&lt;/a&gt;) this morning unveiled a 42 per cent increase in the proven and probable reserves of the Guendalina gas field, offshore Italy.&lt;/p&gt;
&lt;p&gt;The figure rises to a gross 31.2 billion cubic feet of recoverable 2P reserves, with 6.2bcf net to MOG, which has 20 per cent of Guendalina. The field, 47 miless of the Italian coast, is majority owned by the local major ENI.&lt;/p&gt;
&lt;p&gt;The upgrade was the result of a revised independent competent persons&amp;rsquo; report produced by RPS Energy, which gives a net present value of MOG&#039;s 2P net reserves of &amp;euro;27.2 million using a 10 per cent discount rate.&lt;/p&gt;
&lt;p&gt;Sergio Morandi, the company&amp;rsquo;s chief operating officer, said: &quot;We are very pleased to announce that, following the successful start-up of the Guendalina field last October, daily gas production is meeting our pre-development forecasts.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;&amp;ldquo;Guendalina&#039;s good production rate, combined with RPS&#039;s independent valuation which increases our recoverable 2P reserves by 42 per cent, is a key milestone for the development of our business plan and significantly increases the company&#039;s net production and revenues.&quot;&lt;/p&gt;
&lt;p&gt;Last month MOG confirmed it had transferred the gas sales contract for the Guendalina gas field to Italian utility Energetic with the new arrangement coming into effect today.&amp;nbsp;&lt;/p&gt;
&lt;p&gt;Net revenues from the field are expected to be around &amp;euro;12 million per year. This is based on anticipated production of around 20 million cubic feet of gas per day (20 percent net to MOG) and forecast gas prices.&lt;/p&gt;
&lt;p&gt;Production began in October. Initial production figures, released in November, showed that Guendalina&amp;rsquo;s contribution had quadrupled the firm&amp;rsquo;s gas production from 40,000 cubic metres per day to 160,000 cubic metres.&lt;/p&gt;
&lt;/p&gt; ]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Wed, 01 Feb 2012 07:37:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/news/38441/mediterranean-oil-gas-says-updated-cpr-gives-guendalina-a-42-per-cent-bump-38441.html&lt;/guid&gt;
		&lt;/item&gt;
		&lt;item&gt;
			&lt;title&gt;&lt;![CDATA[RNS press release - Independent Reserves Certification ]]&gt;&lt;/title&gt;
			&lt;link&gt;http://www.proactiveinvestors.co.uk/companies/rns/120201mog5491w/&lt;/link&gt;
			&lt;description&gt;&lt;![CDATA[]]&gt;&lt;/description&gt;
			&lt;pubDate&gt;Wed, 01 Feb 2012 07:00:00 +0000&lt;/pubDate&gt;
			&lt;guid&gt;http://www.proactiveinvestors.co.uk/companies/rns/120201mog5491w/&lt;/guid&gt;
		&lt;/item&gt;
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	<title>Proactiveinvestors United Kingdom Mediterranean Oil &amp; Gas</title>
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	<description>Proactiveinvestors United Kingdom Mediterranean Oil &amp; Gas RSS feed
            </description>
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	<pubDate>Wed, 23 May 2012 15:19:09 +0100</pubDate>
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		<item>
			<title><![CDATA[News - Mediterranean Oil & Gas extends Ombrina Mare exploration permit - UPDATE ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/news/42552/mediterranean-oil-gas-extends-ombrina-mare-exploration-permit-update-42552.html</link>
			<description><![CDATA[<p>
<p><strong>---Adds broker comment---</strong></p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1018">Mediterranean Oil &amp; Gas</a> (<a href="/companies/overview/1018/mediterranean-oil-gas-1018.html" class="companyPopupTrigger" rel="1018">LON:MOG</a>) today announced a three year extension to the exploration licence that hosts the Ombrina Mare oil and gas field.</p>
<p>It confirmed that exploration permit BR269 GC would now run until May 5 2015.</p>
<p>Ombrina Mare, believed to contain 40 million barrels of oil, is currently affected by Italy&rsquo;s offshore drilling ban &ndash; which applies to areas up to five miles from the coastline and twelve miles from nature reserves.</p>
<p>However MOG has continued to hold talks with the Italian authorities about the restrictions.</p>
<p>"We are pleased that this licence extension has been granted and we see this as a positive sign in our on-going discussions with the Italian authorities regarding the issuance of a production concession for our proposed development of the Ombrina Mare field,&rdquo; said chief executive Bill Higgs.</p>
<p>Meanwhile,&nbsp;Panmure Gordon analyst Leila Reddy said:&nbsp;&ldquo;This extension is indeed a positive development, as it strengthens MOG&rsquo;s arguments for a resumption of activities in this field.&nbsp;</p>
<p>&ldquo;We are cautiously optimistic that in time Ombrina Mare will be commercialised.&rdquo;</p>
</p> ]]></description>
			<pubDate>Wed, 09 May 2012 15:14:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/news/42552/mediterranean-oil-gas-extends-ombrina-mare-exploration-permit-update-42552.html</guid>
		</item>
		<item>
			<title><![CDATA[News - Mediterranean Oil & Gas extends Ombrina Mare exploration permit ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/news/42514/mediterranean-oil-gas-extends-ombrina-mare-exploration-permit-42514.html</link>
			<description><![CDATA[<p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1018">Mediterranean Oil &amp; Gas</a> (<a href="/companies/overview/1018/mediterranean-oil-gas-1018.html" class="companyPopupTrigger" rel="1018">LON:MOG</a>) today announced a three year extension to the exploration licence that hosts the Ombrina Mare oil and gas field.</p>
<p>It confirmed that exploration permit BR269 GC would now run until May 5 2015.</p>
<p>Ombrina Mare, believed to contain 40 million barrels of oil, is currently affected by Italy&rsquo;s offshore drilling ban &ndash; which applies to areas up to five miles from the coastline and twelve miles from nature reserves.</p>
<p>However MOG has continued to hold talks with the Italian authorities about the restrictions.</p>
<p>"We are pleased that this licence extension has been granted and we see this as a positive sign in our on-going discussions with the Italian authorities regarding the issuance of a production concession for our proposed development of the Ombrina Mare field,&rdquo; said chief executive Bill Higgs.</p>
</p> ]]></description>
			<pubDate>Wed, 09 May 2012 07:30:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/news/42514/mediterranean-oil-gas-extends-ombrina-mare-exploration-permit-42514.html</guid>
		</item>
		<item>
			<title><![CDATA[RNS press release - Extension of Exploration Licence ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120509mog9358c/</link>
			<description><![CDATA[]]></description>
			<pubDate>Wed, 09 May 2012 07:00:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120509mog9358c/</guid>
		</item>
		<item>
			<title><![CDATA[News - Mediterranean Oil & Gas: Guendalina gas production in line with Q1 expectations ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/news/41778/mediterranean-oil-gas-guendalina-gas-production-in-line-with-q1-expectations-41778.html</link>
			<description><![CDATA[<p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1018">Mediterranean Oil &amp; Gas</a> (<a href="/companies/overview/1018/mediterranean-oil-gas-1018.html" class="companyPopupTrigger" rel="1018">LON:MOG</a>) confirmed that gas production from the Guendalina field was in line with its expectations in the first quarter of 2012.</p>
<p>Guandalina, a ENI led venture, came on stream in October. Today MOG reported average gross gas production of 580,000 cubic metres per day during the first quarter.</p>
<p>This equates to 116,000 cubic metres a day for MOG, which has a 20 per cent stake in the venture. MOG will bank first quarter revenues of &euro;4 million as a result.</p>
<p>Additionally MOG said that a 1,012 square kilometre 3D seismic programme offshore Malta, in Block 4. The results are expected in the early part of the third quarter.</p>
<p>"We have made a very solid start to the year in delivering both reliable cash flow from our producing assets in Italy, and acquiring the seismic data required to evaluate our prospective resources offshore Malta," said chief executive Bill Higgs.</p>
<p>The company told investors that it plans to repay &euro;2 million off its short term loan facility, provided by Och-Ziff Capital Management. The company will then be debt free, it said.</p>
<p>On the open this morning MOG shares were up 0.4p, or 6 per cent, trading at 6.25p each on AIM.</p>
</p> ]]></description>
			<pubDate>Mon, 23 Apr 2012 08:13:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/news/41778/mediterranean-oil-gas-guendalina-gas-production-in-line-with-q1-expectations-41778.html</guid>
		</item>
		<item>
			<title><![CDATA[RNS press release - Operations Update ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120423mog8150b/</link>
			<description><![CDATA[]]></description>
			<pubDate>Mon, 23 Apr 2012 07:00:00 +0100</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120423mog8150b/</guid>
		</item>
		<item>
			<title><![CDATA[RNS press release - Grant of Options ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120322mog8868z/</link>
			<description><![CDATA[]]></description>
			<pubDate>Thu, 22 Mar 2012 13:03:00 +0000</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120322mog8868z/</guid>
		</item>
		<item>
			<title><![CDATA[News - Mediterranean Oil & Gas sales deal for Guendalina to start earlier than previously announced ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/news/40600/mediterranean-oil-gas-sales-deal-for-guendalina-to-start-earlier-than-previously-announced-40600.html</link>
			<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1018">Mediterranean Oil &amp; Gas</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1018/mediterranean-oil-gas-1018.html" class="companyPopupTrigger" rel="1018">LON:MOG</a>) has amended the sales agreement announced a fortnight ago for its gas from the Guendalina field offshore Italy, to start from April 1 2012.<br /><br />The company told investors on March 8 that RePower Italia had agreed to buy the group&rsquo;s entire net gas production from Guendalina over an initial period of one &lsquo;thermal&rsquo; year, to start on October 1 2012 and ending on September 31 2013, with automatic renewals afterwards.<br /><br />The deal has now been amended and RePower will take the group&rsquo;s whole net output from April 1.&nbsp;MOG&rsquo;s existing deal with Energetic SpA will terminate on March 31.<br /><br />The field is a joint venture with ENI, which has an 80 per cent interest and is the operator.<br /><br />Production began in October. Initial production figures, released in November, showed that Guendalina&rsquo;s contribution had quadrupled the firm&rsquo;s gas production from 40,000 cubic metres per day to 160,000 cubic metres.<br /><br />Last month, MOG reported a 42 per cent increase in the proven and probable reserves of the field.<br /><br />The figure rises to a gross 31.2 billion cubic feet of recoverable 2P reserves, with 6.2 billion cubic feet net to MOG.</p>
<p>The upgrade was the result of a revised independent competent persons&rsquo; report produced by RPS Energy, which gives a net present value of MOG's 2P net reserves of &euro;27.2 million using a 10 per cent discount rate.</p> ]]></description>
			<pubDate>Thu, 22 Mar 2012 08:24:00 +0000</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/news/40600/mediterranean-oil-gas-sales-deal-for-guendalina-to-start-earlier-than-previously-announced-40600.html</guid>
		</item>
		<item>
			<title><![CDATA[RNS press release - Gas Sale Contract ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120322mog8277z/</link>
			<description><![CDATA[]]></description>
			<pubDate>Thu, 22 Mar 2012 07:00:00 +0000</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120322mog8277z/</guid>
		</item>
		<item>
			<title><![CDATA[News - Mediterranean Oil & Gas hires Bill Higgs as new CEO ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/news/40277/mediterranean-oil-gas-hires-bill-higgs-as-new-ceo-40277.html</link>
			<description><![CDATA[<p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1018">Mediterranean Oil &amp; Gas</a> (<a href="/companies/overview/1018/mediterranean-oil-gas-1018.html" class="companyPopupTrigger" rel="1018">LON:MOG</a>) has hired former Chevron strategist Dr Bill Higgs as its new chief executive.</p>
<p>Higgs has over 23 years experience in the oil and gas industry. Most recently he was senior vice president of operations in Chevron&rsquo;s Saudi Arabia and Kuwait unit. Prior to that he was Chevron&rsquo;s chief strategist, responsible for setting strategy for the oil major&rsquo;s executive leaders.</p>
<p>"We are delighted that Bill has agreed to become our chief executive officer, bringing his extensive experience of international exploration and development to our board,&rdquo; said chairman Keith Henry.</p>
<p>&ldquo;His broad expertise and proven innovative and strategic leadership will be invaluable to the company."</p>
<p>Higgs said: "I am very much looking forward to working with the Board to help grow Mediterranean Oil and Gas.&nbsp;</p>
<p>&ldquo;This is a very exciting time for the company as we have a strong portfolio and there are many additional opportunities within the greater Mediterranean area."</p>
<p>Higgs officially joins the company next Monday. Interim CEO Sergio Morandi will then revert to his prior position of chief operating officer.</p>
</p> ]]></description>
			<pubDate>Thu, 15 Mar 2012 08:15:00 +0000</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/news/40277/mediterranean-oil-gas-hires-bill-higgs-as-new-ceo-40277.html</guid>
		</item>
		<item>
			<title><![CDATA[RNS press release - Board Appointment ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120315mog3859z/</link>
			<description><![CDATA[]]></description>
			<pubDate>Thu, 15 Mar 2012 07:00:00 +0000</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120315mog3859z/</guid>
		</item>
		<item>
			<title><![CDATA[News - Mediterranean Oil & Gas agrees new gas sales deal for Guendalina ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/news/39955/mediterranean-oil-gas-agrees-new-gas-sales-deal-for-guendalina-39955.html</link>
			<description><![CDATA[<p>&nbsp;</p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1018">Mediterranean Oil &amp; Gas</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1018/mediterranean-oil-gas-1018.html" class="companyPopupTrigger" rel="1018">LON:MOG</a>) today revealed it has agreed a deal to sell its entire net gas production from the Guendalina gas field.</p>
<p>Repower Italia has agreed to buy the gas over an initial period of one &lsquo;thermal&rsquo; year. The contract renews automatically at the end of the initial period, unless terminated by either party.</p>
<p>The field is a joint venture with ENI, which has an 80 per cent interest and is the operator.</p>
<p>Production began in October. Initial production figures, released in November, showed that Guendalina&rsquo;s contribution had quadrupled the firm&rsquo;s gas production from 40,000 cubic metres per day to 160,000 cubic metres.</p>
<p>Last month MOG reported a 42 per cent increase in the proven and probable reserves of the Guendalina gas field, offshore Italy.</p>
<p>The figure rises to a gross 31.2 billion cubic feet of recoverable 2P reserves, with 6.2bcf net to MOG, which has 20 per cent of Guendalina. The field, 47 miles of the Italian coast, is majority owned by the local major ENI.</p>
<p>The upgrade was the result of a revised independent competent persons&rsquo; report produced by RPS Energy, which gives a net present value of MOG's 2P net reserves of &euro;27.2 million using a 10 per cent discount rate.</p>
<p>&nbsp;</p> ]]></description>
			<pubDate>Thu, 08 Mar 2012 07:18:00 +0000</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/news/39955/mediterranean-oil-gas-agrees-new-gas-sales-deal-for-guendalina-39955.html</guid>
		</item>
		<item>
			<title><![CDATA[RNS press release - Announcement of Gas Sale Contract ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120308mog9040y/</link>
			<description><![CDATA[]]></description>
			<pubDate>Thu, 08 Mar 2012 07:00:00 +0000</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120308mog9040y/</guid>
		</item>
		<item>
			<title><![CDATA[News - Mediterranean Oil & Gas: Panmure Gordon looks at share price catalysts  ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/news/39030/mediterranean-oil-gas-panmure-gordon-looks-at-share-price-catalysts--39030.html</link>
			<description><![CDATA[<p>Exploration in Italy and Malta may provide key catalysts for Mediterranean Oil &amp; Gas to migrate from being a junior gas producer to a mid-cap E&amp;P player, according to City broker Panmure Gordon.</p>]]></description>
			<pubDate>Wed, 15 Feb 2012 14:31:00 +0000</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/news/39030/mediterranean-oil-gas-panmure-gordon-looks-at-share-price-catalysts--39030.html</guid>
		</item>
		<item>
			<title><![CDATA[Broker press ]]></title>
			<link></link>
			<description><![CDATA[15.02.12 :-0.25, (5) Panmure Gordon initiates coverage with a "hold" rating and 6.3p price target.]]></description>
			<pubDate>Wed, 15 Feb 2012 00:00:00 +0000</pubDate>
			<guid></guid>
		</item>
		<item>
			<title><![CDATA[News - Mediterranean Oil & Gas: Director Donnelly ups stake in firm ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/news/38954/mediterranean-oil-gas-director-donnelly-ups-stake-in-firm-38954.html</link>
			<description><![CDATA[<p><a href="http://proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1018">Mediterranean Oil &amp; Gas</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1018/mediterranean-oil-gas-1018.html" class="companyPopupTrigger" rel="1018">LON:MOG</a>) announced today that director Miles Donnelly has upped his stake in the company.<br /><br />The transaction took place yesterday and involved the purchase of 360,000 shares at 4.8 pence each, for a total cost of more than &pound;17,200.<br /><br />Following the purchase, Donnelly is interested in 4.385 per cent of the company.<br /><br />Donnelly also holds 1 million options to subscribe for shares in the firm with an exercise price of 6 pence that expire on January 19, 2022.<br /><br />AIM-quoted MOG is an oil and gas company focused on the Mediterranean area.<br /><br />Earlier this month, the company said it had drawn down &euro;2 million of its short term loan for up to &euro;3.5 million to pay for work at its offshore Maltese licence.<br />&nbsp;<br />As reported last year, the funds will help the firm pay for the acquisition and processing of 1,000 sq m of 3D seismic over the Area 4 licence offshore Malta under the PSC (production sharing contract) signed with the Maltese Government in 2008.<br /><br />The results of the survey should be ready towards the end of the first quarter this year, the firm revealed.</p> ]]></description>
			<pubDate>Tue, 14 Feb 2012 08:22:00 +0000</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/news/38954/mediterranean-oil-gas-director-donnelly-ups-stake-in-firm-38954.html</guid>
		</item>
		<item>
			<title><![CDATA[RNS press release - Director/PDMR Shareholding ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120214mog3335x/</link>
			<description><![CDATA[]]></description>
			<pubDate>Tue, 14 Feb 2012 07:01:00 +0000</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120214mog3335x/</guid>
		</item>
		<item>
			<title><![CDATA[News - Mediterranean Oil & Gas draws down on loan facility for Area 4 licence ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/news/38677/mediterranean-oil-gas-draws-down-on-loan-facility-for-area-4-licence-38677.html</link>
			<description><![CDATA[<p><a href="http://proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1018">Mediterranean Oil &amp; Gas</a> Plc (<a href="/companies/overview/1018/mediterranean-oil-gas-1018.html" class="companyPopupTrigger" rel="1018">LON:MOG</a>) has drawn down &euro;2 million of its short term loan for up to &euro;3.5 mln to pay for work at its offshore Maltese licence.<br />&nbsp;<br />As reported last November, the funds will help the firm pay for the acquisition and processing of 1,000 sq m of 3D seismic over the Area 4 licence offshore Malta under the PSC (production sharing contract) signed with the Maltese Government in 2008.<br /><br />The firm entered a contract with Fugro-Geoteam Pty Ltd which carried out the seismic work, which was completed in December.<br /><br />The results of the survey should be ready towards the end of the first quarter this year, the firm has said.<br /><br />MOG entered into the PSC in 2008 following an encouraging geological and geophysical pre-assessment of Area 4 undertaken by the company and its consultants.<br /><br />Four prospects and five leads have been confirmed and delineated in the PSC area and the total un-risked hydrocarbon potential of the PSC Area is estimated to be around&nbsp; 5 billion barrels of oil in place with the resultant total 'most likely case' un-risked prospective recoverable oil resources being about 1,500 MMbbls.<br /><br />The secured loan is with affiliated investment funds of Och-Ziff Capital Management Group (Och Ziff) - the firm's largest shareholder.<br /><br />Earlier this month, the company unveiled a 42 per cent increase in the proven and probable reserves of the Guendalina gas field, offshore Italy.<br /><br />The figure rises to a gross 31.2 billion cubic feet of recoverable 2P reserves, with 6.2bcf net to MOG, which has 20 per cent of Guendalina. The field, 47 miles of the Italian coast, is majority owned by the local major ENI.<br /><br />The upgrade was the result of a revised independent competent persons&rsquo; report produced by RPS Energy, which gives a net present value of MOG's 2P net reserves of &euro;27.2 million using a 10 per cent discount rate.</p> ]]></description>
			<pubDate>Tue, 07 Feb 2012 07:27:00 +0000</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/news/38677/mediterranean-oil-gas-draws-down-on-loan-facility-for-area-4-licence-38677.html</guid>
		</item>
		<item>
			<title><![CDATA[RNS press release - Update on Malta, Offshore Area 4 ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120207mog8803w/</link>
			<description><![CDATA[]]></description>
			<pubDate>Tue, 07 Feb 2012 07:00:00 +0000</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120207mog8803w/</guid>
		</item>
		<item>
			<title><![CDATA[News - Mediterranean Oil & Gas says updated CPR gives Guendalina a 42 per cent bump ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/news/38441/mediterranean-oil-gas-says-updated-cpr-gives-guendalina-a-42-per-cent-bump-38441.html</link>
			<description><![CDATA[<p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1018/Mediterranean+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1018">Mediterranean Oil &amp; Gas</a> Plc (<a href="/companies/overview/1018/mediterranean-oil-gas-1018.html" class="companyPopupTrigger" rel="1018">LON:MOG</a>) this morning unveiled a 42 per cent increase in the proven and probable reserves of the Guendalina gas field, offshore Italy.</p>
<p>The figure rises to a gross 31.2 billion cubic feet of recoverable 2P reserves, with 6.2bcf net to MOG, which has 20 per cent of Guendalina. The field, 47 miless of the Italian coast, is majority owned by the local major ENI.</p>
<p>The upgrade was the result of a revised independent competent persons&rsquo; report produced by RPS Energy, which gives a net present value of MOG's 2P net reserves of &euro;27.2 million using a 10 per cent discount rate.</p>
<p>Sergio Morandi, the company&rsquo;s chief operating officer, said: "We are very pleased to announce that, following the successful start-up of the Guendalina field last October, daily gas production is meeting our pre-development forecasts.&nbsp;</p>
<p>&ldquo;Guendalina's good production rate, combined with RPS's independent valuation which increases our recoverable 2P reserves by 42 per cent, is a key milestone for the development of our business plan and significantly increases the company's net production and revenues."</p>
<p>Last month MOG confirmed it had transferred the gas sales contract for the Guendalina gas field to Italian utility Energetic with the new arrangement coming into effect today.&nbsp;</p>
<p>Net revenues from the field are expected to be around &euro;12 million per year. This is based on anticipated production of around 20 million cubic feet of gas per day (20 percent net to MOG) and forecast gas prices.</p>
<p>Production began in October. Initial production figures, released in November, showed that Guendalina&rsquo;s contribution had quadrupled the firm&rsquo;s gas production from 40,000 cubic metres per day to 160,000 cubic metres.</p>
</p> ]]></description>
			<pubDate>Wed, 01 Feb 2012 07:37:00 +0000</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/news/38441/mediterranean-oil-gas-says-updated-cpr-gives-guendalina-a-42-per-cent-bump-38441.html</guid>
		</item>
		<item>
			<title><![CDATA[RNS press release - Independent Reserves Certification ]]></title>
			<link>http://www.proactiveinvestors.co.uk/companies/rns/120201mog5491w/</link>
			<description><![CDATA[]]></description>
			<pubDate>Wed, 01 Feb 2012 07:00:00 +0000</pubDate>
			<guid>http://www.proactiveinvestors.co.uk/companies/rns/120201mog5491w/</guid>
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