MOG Updates on Italian Operations

  • Business & Finance

MOG Updates on Italian Operations

The Board of Mediterranean Oil & Gas Plc announced an operational update related to the Company’s activities in Italy.

MOG’s total net production for 2012 was 50.68 million scm (equivalent to 1.8 billion scf or 319,000 boe). This represents an average net production of 138,470 scm per day or 872 boepd.

In August 2012, offshore restrictions were lifted at Ombrina Mare which has 2P reserves of 40 million barrels of oil and 6.5 Bcf of gas – MOG anticipates Production Concession to be awarded during Q3 2013.

RPS’s CPR estimated 2P remaining recoverable reserves of 4.7 Bcf net to MOG and P3 reserves of 6.6 Bcf net to MOG at Guendalina gas field.

Dr. Bill Higgs, Chief Executive of Mediterranean Oil and Gas, commented:

“We were pleased with the production performance of our offshore and onshore assets in Italy during 2012, which created steady revenues for the Company. This production provides a solid base from which to progress our active exploration and production activities in Italy and elsewhere during 2013.”

[mappress]

January 7, 2013

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