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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
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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
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Mediterranean Oil & Gas says Guendalina field production has quadrupled co’s output

22nd Nov 2011, 7:51 am by Andre Lamberti MOG said since the Guendalina field in the Adriatic started production, aggregate gross gas production has been approximately 22 million standard cubic feet per day, representing approximately 4.2 mmscf/day net to MOG

Mediterranean Oil & Gas (LON:MOG) says the contribution from the 20 percent owned offshore Guendalina gas field has quadrupled the company’s production from 40,000 standard cubic metres per day to 160,000 scm/day.

Operator ENI – which owns the remaining 80 percent of the field – started gas production from there on October 25.

In an operations update, MOG said since the production start, aggregate gross gas production from the field has been approximately 630,000 scm/day (22 million standard cubic feet per day), representing approximately 120,000 scm/day (4.2 mmscf/day) net to MOG.

The Guendalina production is expected to have a material positive impact on MOG’s revenues. According to the company its 20 percent revenue share is likely to be in the order of €10.5 million in 2012 – about three times the group’s reported revenues last year.

The gas field in the Adriatic Sea contains independently certified 2P gas reserves of 22 billion cubic feet and is expected to achieve aggregate gas production of around 20 million cubic feet per day – which equates to 4 million cubic feet per day net to MOG.

Chief executive Sergio Morandi said: “The Guendalina field is performing very well and has significantly increased MOG's net gas production and revenue."

MOG also updated investors on its activities offshore Malta, saying seismic acquisition there has started on November 18.

Last week, the group had announced it 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.

As at November 21, approximately 15 percent of the target 3D seismic data has been acquired.  The work is expected to take about 30 days, and results of the survey should be ready towards the end of the first quarter 2012.

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.

MOG is operator of the Area 4 PSC. Leni Gas & Oil PLC (LON:LGO) owns a 10 percent interest in the PSC covering Blocks 4, 5, 6 and 7 offshore Malta adjacent to the internationally recognised border with Libya.

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