MOG awarded Italian exploration permits

Mediterranean Oil & Gas will carry out geological and geophysical studies on four new exploration licenses in Italy that hold gas prospects and discoveries.

Nov 1st, 2007

Uchenna Izundu
International Editor

LONDON, Nov. 1 -- Mediterranean Oil & Gas PLC (MOG), London, will carry out geological and geophysical studies on four new exploration licenses in Italy that hold gas prospects and discoveries.

The company has acquired 287 sq km of acreage and plans to appraise the Savini and Fonte gas discoveries on the Villa Mazzarosa permit which it will operate. Tests during the 1980s produced up to 1.4 MMcfd.

MOG also will operate the Serra dei Gatti permit onshore southern Italy, which is near its production interests in Lucera and Masseria Acquasalsa.

It will share the Villa Carbone permit with Gas Plus Italiana on a 50:50 basis. MOG, however, will assume operatorship. For the Colle dei Nidi permit, 25% shareholder MOG will work with operator Gas Plus Italiana, 65%, and Petrorep 10%.

"Villa Carbone and Colle dei Nidi are located onshore central Italy in the area where the company owns and operates the Castel Di Lama production concession and the Acquaviva Picena and Guardia Vomano exploration permits," MOG said.

MOG Chief Executive Sergio Morandi said the proximity of the permits to existing support structure gave the company an advantage.

Contact Uchenna Izundu at uchennai@pennwell.com.

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