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Mediterranean Oil & Gas shares advance on gas sales deal

Last updated: 19:54 18 Mar 2014 AEDT, First published: 20:54 18 Mar 2014 AEDT

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Mediterranean Oil & Gas (LON:MOG) shares advanced around 15% today after a gas sales agreement was renewed for the Guendalina gas field’s production.

This new one year contract extends the term from October 1 2014 to September 30 2015.

The ‘take and pay’ sales contract was agreed with Repower Italia and it will cover the entire production from the field, which is located onshore Italy. The contract also covers the group’s other onshore gas fields in Italy.

RePower has bought Guendalina’s gas since April 2012.

"We are very pleased to renew once again our relationship with Repower until the end of the thermal year ending in 2015,” chief executive Dr Bill Higgs said.

“Repower has proven to be a good customer in what continues to be a challenging gas market in Italy."

On AIM, MOG shares were 14.71%, or 0.62p, higher changing hands at 4.88p each.

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