Financial Times: Mediterranean Oil stages strong recovery

Mediterranean Oil & Gas, the Aim-quoted explorer, has declared itself in rude health following a reshuffling of its assets, a little over a year after an emergency refinancing that prevented its collapse into administration.

A quadrupling of gas output, led by its minority interest in the recently developed Guendalina field operated by Eni in Italy, has been followed by the sale of non-core assets in the country at a small loss.

It struck a deal with Genel Energy in August worth an initial $10m to partly sell down its equity interest in prospects off Malta while remaining an exploration partner with Genel in Maltese, Tunisian and Libyan waters.  MORE