Mediterranean Oil signs double deal with Genel

Mediterranean Oil and Gas (MOG), has entered into a conditional farm-out agreement with Genel Energy over MOG's wholly-owned Area 4 asset, Offshore Malta.

Mediterranean Oil and Gas (MOG), has entered into a conditional farm-out agreement with Genel Energy over MOG's wholly-owned Area 4 asset, Offshore Malta.

Under the agreement, Genel will acquire 75% of MOG's interest, which covers blocks 4, 5, 6 and 7, for $10m cash on completion of the transaction. The consideration will also include 100% carry on the first and second exploration wells (up to $30m gross expenditure on the second).

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