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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
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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 new Guendalina gas sales contract starts in February

19th Jan 2012, 7:48 am by Jamie Ashcroft Guendalina is located in the Adriatic Sea, off Italy's east coast

Mediterranean Oil & Gas (LON:MOG) today confirmed that it has transferred the gas sales contract for the Guendalina gas field to Italian utility firm Energetic SpA.

This new arrangement will be in effect from February 1.

The field is a joint venture with ENI, which has an 80 per cent interest and is the operator.

Net revenues from the field are expected to be around €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.

The gas field 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. 

Production began in October. Initial production figures, released in November, showed that Guendalina’s contribution had quadrupled the firm’s gas production from 40,000 cubic metres per day to 160,000 cubic metres.

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