Mediterranean Oil & Gas, the European focused oil and gas producer, announced that Anthony Trevisan had snapped up 50,000 shares at 50 pence per share. Following the transaction, Mr. Trevisan holds 5.25% of the Company, or just over 2.04 million shares.
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.