Mediterranean Oil & Gas reveals rise in annual revenues

Mediterranean Oil & Gas reported a hike in annual revenue and profit on Friday driven by strong production in 2012.

Revenues from sales of gas and condensate and operatorship income more than tripled in the year ended December 31st, 2012, as it jumped to €16.3m from €4.7m in 2011.

Profit from operations increased to €4.1m, compared to a €1.8m loss as production grew 200% to 1.8bn cubic feet.

"[Last year] set the foundation for growth as we delivered a strong financial, commercial and operational performance," said Chief Executive Officer, Bill Higgs.

"Our steady production performance from our offshore and onshore assets in Italy during 2012 created consistent revenues for the company."

The company's cash position increased to €8.7m, which was strengthened through the sale of 75% of subsidiary Phoenicia Energy Company to Genel Energy.

Operations in Italy progressed, including regulatory approval for projects and the renewal of a sales agreement with Repower Italia for the off-take of Guendalina gas until September 30th, 2014.

Higgs said the firm was well positioned to actively pursue opportunities such as drilling the first exploration well in the highly prospective Malta Offshore Area 4 with Genel.

RD