Proactiveinvestors recommends
Additional Information
Market: AIM
Sector: Energy
EPIC: MOG
Latest Price: 5.50p  (12.70% Ascending)
52-week High: 12.25p
52-week Low: 3.63p
Market Cap: 23.60M
1 year chart
digital-look imported chart image
1 day chart
digital-look imported chart image
Watchlist/Portfolio

Add to watchlist:

Only registered members can add into watchlist !

Register here !
Mediterranean Oil & Gas
www.medoilgas.com
Mediterranean Oil & Gas Plc is an AIM listed Petroleum Company which has production, development and advanced exploration oil and gas assets. Mog  holds operating rights on a significant number of its assets and has positive, ongoing cashflow derived from production. MOG has experienced long standing management who are well versed and connected to the Italian regulatory process. All of MOG’s assets held in the European Union, principally on and offshore Italy and offshore Malta, except for recently acquired interest in Tunisian permit.

The Company’s short term objectives are to become a medium size oil producer from the development and exploitation of the Company's Ombrina Mare discovery. To increase substantially the Company's gas reserves and production through the development and extension of its Italian Onshore and Adriatic gas assets and to farm out and drill very substantial and mature prospects identified (3D seismic) in Offshore Malta (Block 7 Area 4)(adjoining Libyan border); and also Mature offshore Malta Blocks 4, 5 & 6.
Full Mediterranean Oil & Gas profile here
Is MOG a Buy, Sell or Hold?Get your FREE analysis of MOG
Pdf

Mediterranean Oil & Gas commissions 3D seismic survey over Malta offshore licence

14th Nov 2011, 8:31 am by Andre Lamberti Work on the 3D seismic offshore Malta is expected to start this week and take about 30 days. Results of the survey should be ready towards the end of the first quarter 2012.

Mediterranean Oil & Gas (LON:MOG) has commissioned the 3D seismic survey for the Area  4 licence offshore Malta under the PSC (production sharing contract) signed with the Maltese government in 2008.

Through its Maltese subsidiary Malta Oil Pty Ltd, it has entered into a contract with Fugro-Geoteam Pty Ltd which will undertake the acquisition of 1,000 square kilometers of long offset 3D seismic exploration data.

The work is expected to start this week and take about 30 days. Results of the survey should be ready towards the end of the first quarter 2012.

Chief executive Sergio Morandi said: “This new 3D seismic data should allow the company to complete the assessment of the exploration potential of Area 4 offshore Malta. We are hopeful that the seismic survey will identify further prospects in the area and make the drilling of an exploration more attractive."

Last week, the company agreed a short term loan for up to €3.5 million so that it can carry out its work commitments at the licence.

Having contracted a seismic services firm means that MOG retains its 90 percent interest in the licence and allows it to consider options following the seismic programme - including a drilling campaign.

MOG entered into a PSC with the Maltese government three years ago following an encouraging geological and geophysical pre-assessment of Area 4 undertaken by the company and its consultants.

Four prospects and five leads have been confirmed and delineated in the PSC area. 

The total un-risked hydrocarbon potential of the PSC Area is estimated to be around  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.

No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.