MOG Update on Italy
Mediterranean Oil & Gas (MOG) has given an operational update on its interests in Italy.
MOG has been awarded the Aglavizza Production Concession onshore in central Italy. There it also has a 100% interest in the 7 km2 concession that includes the Civita 1 discovery with estimated proved and probable reserves of more than 1Bcf .
The AIM-listed outfit said it now expects first production in early 2015 at the seven-square kilometre licence, where estimated proven and probable reserves run to more than a billion cubic feet.
MOG's total net production for 2012 was 50.68 million scm (equivalent to 1.8 billion scf or 319,000 boe). This represents average net production of 138,470 scm per day or 872 boepd
In August 2012, offshore restrictions lifted at Ombrina Mare which has 2P reserves of 40 million barrels of oil and 6.5 Bcf of gas - MOG anticipates Production Concession to be awarded during the third quarter of 2013.
RPS's CPR estimated 2P remaining recoverable reserves of 4.7 Bcf net to MOG and P3 reserves of 6.6 Bcf net to MOG at Guendalina gas field.
MOG expects sale of non-core gas assets onshore Italy to Canoel International Energy Ltd and its Italian subsidiary, as announced in September 2012, to be concluded in Q1 2013.
Chief executive Bill Higgs said in a company statement: "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."
MOG is currently being sued by Leni over the sale of a share of a licence in Malta last year.