Mediterranean Oil & Gas reports healthy production results

Mediterranean Oil & Gas (MOG) said it was 'pleased' with its production activities in Italy last year, setting the stage for a strong 2013.

Mediterranean Oil & Gas (MOG) said it was 'pleased' with its production activities in Italy last year, setting the stage for a strong 2013.

The company achieved a total net oil production of 50.68m standing cubic metres (scm) during 2012, representing an average net production of 138,470 scm per day or 872 barrels of oil equivalent per day.

Last year business was boosted after MOG was awarded the Aglavizza Production Concession onshore central Italy where it holds sold ownership in the 7 km2 concession which includes the Civita 1 discovery. It has estimated reserves of more than 1 billion cubic feet (bcf) with first gas expected in early 2015.

In another boon to MOG, offshore restrictions were lifted at Ombrina Mare last August allowing for access to the Sicily oil field's 2P reserves of 40m barrels of oil and 6.5 bcf of gas.

MOG also said it expected to sell non-core gas assets onshore Italy to Canoel International Energy Ltd and its Italian subsidiary during the first quarter of 2013.

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

Shares jumped 2.47% to 10.38p at 11:45 Monday.

RD

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Most Popular

Why we won’t see a house-price crash in 2021
House prices

Why we won’t see a house-price crash in 2021

Lockdown sent house prices berserk as cooped up home-workers fled for bigger properties in the country. And while they won’t rise quite as much this y…
18 Jan 2021
Prepare for the end of the epic bubble in US stocks
US stockmarkets

Prepare for the end of the epic bubble in US stocks

US stocks are as expensive as they’ve ever been. How can you prepare your portfolio for a bubble bursting?
18 Jan 2021
The best investment trusts to buy for 2021
Investment trusts

The best investment trusts to buy for 2021

Sectors ranging from emerging markets to student accommodation look poised to do well this year, says David Stevenson, as he picks the best investment…
19 Jan 2021