Mediterranean Oil & Gas third quarter was on target

Mediterranean Oil & Gas has said the offshore Guendalina gas field, in which the firm holds a 20 per cent working interest, achieved production of 11.14m standard cubic metres (scm) in the third quarter, in line with expectations.

This figure represents net production by the company of 121,000 scm/day.

The firm's onshore gas fields in Italy achieved production of 1.92m scm (net to Mediterranean), down from 2.38m in the previous quarter, and representing net production to the company of 20,800 scm/day.

The company has restored production at the Monteverdese Concession surface facility that was shut-in for the third quarter and part of the second quarter.

Total revenues attributable to the company's onshore (excluding revenues from assets sold to CIL in the period) and offshore gas production in the third quarter amounted to €4.3m (Q2 2012: €4.2m).

Dr. Bill Higgs, Chief Executive of Mediterranean Oil and Gas, said: "Production has remained strong for the third quarter, which has enabled us to sustain free cashflow. We are pleased to have restarted production at Monteverdese, onshore Italy, and hope to complete the sale of non-core assets, announced recently, by the end of the year."

The share price rose 1.67% to 15.25p in early trading.

NR