Anthony Trevisan, a director of Mediterranean Oil & Gas continued his accumulation of shares in the European focused oil and gas explorer and producer.
Mr. Trevisan scooped up a further 10,000 shares at 52 pence per share, taking his holding to 2.09 million shares, or 5.37% of the Company. In the last week Mr Trevisan has purchased 100,000 shares in the Company.
Mediterranean Oil and Gas recently reported a Proven plus Probable (P1+P2) gas reserve on the Ombrina Mare Oil and Gas field of 6.5 billion cubic feet, with a further 10 billion cubic feet of Possible Gas Reserves (P3). The gas resource is in addition to the 20 million barrels of P1+P2 reserves of recoverable oil already certified at Ombrina Mare.
Mediterranean Oil and Gas also recently released its full year results for the period ended 30 June 2008. During the period, the Company produced 0.7 billion cubic feet of gas and group turnover increased 10% to €5.4 million, thanks to a 17% increase in the price of gas sold. The Company also noted that the price achieved in September was up a further 30% to more than US$15/mcf.