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.
Mediterranean Oil & Gas (LON:MOG) announced today that director Miles Donnelly has upped his stake in the company.
The transaction took place yesterday and involved the purchase of 360,000 shares at 4.8 pence each, for a total cost of more than £17,200.
Following the purchase, Donnelly is interested in 4.385 per cent of the company.
Donnelly also holds 1 million options to subscribe for shares in the firm with an exercise price of 6 pence that expire on January 19, 2022.
AIM-quoted MOG is an oil and gas company focused on the Mediterranean area.
Earlier this month, the company said it had drawn down €2 million of its short term loan for up to €3.5 million to pay for work at its offshore Maltese licence.
As reported last year, the funds will help the firm pay for the acquisition and processing of 1,000 sq m of 3D seismic over the Area 4 licence offshore Malta under the PSC (production sharing contract) signed with the Maltese Government in 2008.
The results of the survey should be ready towards the end of the first quarter this year, the firm revealed.