Mediterranean Oil and Gas Plc to Float on AIM
Friday, November 11, 2005
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Mediterranean Oil and Gas Plc (MOG), the London-based oil exploration and gas production company with a portfolio of assets in countries within the European Union, namely Italy and Malta, announces today that it is floating on AIM on 16th November 2005. The Group has recently raised 11.7 million (gross of expenses) in a placing of 11.7 million new Ordinary Shares at a price of 1.00 (the Placing). WH Ireland Limited is acting as Nominated Adviser and Broker to the Company. On Admission, MOG will have a market capitalisation of approximately 33.3 million.

Portfolio of Assets

The Groups principal assets are as follows:

The Group owns 100 per cent. of the Ombrina Mare Concession, located offshore Italy in approximately 20m of water. The permit contains the Ombrina Mare oil discovery, which has been estimated by the Groups Competent Person, RPS Energy, to hold on a Best Estimate basis some 19.5 million barrels (Mbbl) Net Contingent Resources; 89 Mbbl Stock Tank Oil Initially in Place (STOIIP) - both on 100% basis. Two satellite oil prospects and three gas leads are to be evaluated by the Company to ascertain whether there is a potential to develop those prospects in conjunction with any development of the main Ombrina Mare field.

The Group holds the benefit of an Exploration Study Agreement over blocks 4, 5, 6, and 7 in Offshore Malta Area 4 on the Mediterranean Pelagian Shelf. Area 4 lies to the south of Malta abutting the boundary with the Libyan offshore area 44. A small part of the total area has been subjected to 3D seismic and three prospects have been identified in that area. RPS Energy has estimated, for the three identified prospects in Block 7 which have been matured by 3D seismic, to hold on a Best Estimate basis a total of 218.2 Mbbl Net Prospective Oil Resources; 648.1 Mbbl STOIIP - both on 100% basis un-risked. The Board believes that the area is prospective and wishes to both mature the identified prospects and carry out more regional seismic testing within its permits in order to attempt to identify further prospects within the Groups concession.

The Group holds 20 per cent. of the Serra San Bernardo permit in joint venture with ENI S.p.A. (ENI) and Total Italia S.p.A. amongst others. The Company, as operator under the joint venture, proposes to mature the permit in order to drill the Monte Grosso prospect located within it. RPS Energy has estimated the Monte Grosso prospect to hold on a Best Estimate basis a total of 120.7 Mbbl Prospective Oil Resources; 710.7 Mbbl STOIIP - both on 100% basis un-risked.

The Group holds 20 per cent of the Guendalina gas discovery offshore Adriatic. RPS Energy has estimated this prospect to hold on a Best Estimate basis a total of 455 million standard cubic meters (Mscm) Contingent Gas Resources; 796 Mscm Gas Initially in Place - both on 100% basis. This interest is operated by ENI.
The Group is one of a relatively small number of Italian oil and gas producers and holds interests in a variety of granted production concessions. The Group currently owns interests in: eighteen production concessions, for nine of which its is the operator; seven exploration concessions, for five of which it is the operator; and four permit applications for two of which it will act as operator in Italy. The Group will endeavour through investment in further exploration and development to increase production from identified reserves in these concessions.

Current Financial Status
MOG is already a significant player in gas production in Italy. The portfolio of assets that the Group has established has been generating revenue for a number of years.
The Directors believe that the Group, with the proceeds of the Placing, is well positioned to execute its exploration and development programme and assist its further growth and development. The Directors consider that together, with the funds currently available to the Company, having its Ordinary Shares traded on AIM and the increased profile associated with being a publicly quoted company will significantly assist in the expansion of the Groups operations and the development of its assets.

Group Strategy
The proceeds of the Placing will be used to help effect the Boards strategy, which is to become a medium sized oil and gas production company. The Board intends to effect its strategy by:

expediting the appraisal, development and exploitation of oil and gas discoveries and prospects within the Ombrina Mare Concession;

advancing the drilling of Offshore Malta Block 7 which comprises three mature prospects and progress the very large Italian Monte Grosso prospect;

expanding the Groups production and reserves in Italy in order to increase earnings and cash flow; and
the simultaneous exploration and development of the Groups current concessions, thereby spreading the risk across a number of projects.

Management Team
Mediterranean Oil and Gas benefits from a strong Board and senior management team; it has extensive experience of oil exploration and development, as well as project management and resource financing. David Lenigas (non-executive Chairman) has over twenty years experience in the gold, diamond, coal, oil and gas and base metals industries. He has extensive experience operating in the AIM environment and is currently the joint managing director of Asia Energy Plc and a director of BDI Mining Corp, Braemore Resources Plc and River Diamonds Plc, all of which are quoted on AIM.

The multilingual Giovanni Catalano (Chief Executive Officer) took up his position in June 2005. He has had over twenty-five years in the upstream oil and gas industry with the last position held in Woodside Energy Pty Ltd, Perth, Western Australia as Far East Business Development Manager. In addition, Mr Catalano played an instrumental role in growing Woodsides overseas business with world-wide new ventures and exploration/development projects, with particular emphasis on the Italian, African and Asian regions. Prior to Woodside (7 years) he was with AGIP (9 years) and LASMO International (11 years). He is a former Director of the Woodside Energy UK and AGIP Mauritania BV companies and former Chairman of Woodside Energias SA in Spain.

Anthony (Tony) Trevisan (Executive Director) has, over twenty years, played major roles in a large number of corporate transactions involving financing, mergers and acquisitions, the restructuring of industrial, petroleum and mineral resources based public companies. He has participated in the establishment, from start up, of substantial operating businesses and been responsible for public offerings and the floating of companies on the Australian and other international Exchanges. Mr Trevisan has held senior executive positions in listed public companies, including petroleum, mining, industrial and high technology interests such as Arabex Petroleum (Rubiales petroleum discovery), Callina NL (petroleum workover project in the Russia, Komi Oil Field), Trident Petroleum (Joint Venture with Conoco - now Conoco Phillips in Papua New Guinea) and Aqua Vital (Australia) Ltd (now owned by Coca Cola), amongst others.

MOGs other current Directors are Salvatore Russo, Peter Clutterbuck and Patrick Collins (all non-executive). Salvatore has held senior positions on the Boards of some of Italys largest corporations including chairman and CEO Saipem S.p.A., chairman and CEO of both Snam S.p.A. and Snam Rete Gas S.p.A. He is currently chairman and CEO EnerTAD S.p.A. and has served on the Boards of a number of companies including Agip, EniChem and Italgas.

Peter has broad experience in exploration, development and production in the USA, North Sea, former Soviet Union (FSU), Latin America, Middle East, Africa and Asia. He began his career with BP Group, and has subsequently managed independent oil companies for over 20 years.

Patrick holds an MBA from New York Universitys Stern School of Business and was formerly a Restructuring Investment Banking Analyst at the New York based insolvency restructuring firm of Zolfo, Cooper & Co. After stints with Morgan Stanley and Merrill Lynch in New York, in 2000 he moved to London to Head Merrill Lynchs European Distressed Debt Trading team. Mr. Collins joined Mizuho International plc to establish and run the Global Special Situations Group, where he a non-executive director.

Giovanni Catalano, Chief Executive Officer, Mediterranean Oil and Gas Plc, said: MOG will be something of a rarity on AIM, as it is already a producing, cash-generating gas production company. The team believes that our flotation on AIM will fundamentally improve the visibility of the Group and allow it to access the necessary funding to exploit its substantial existing and potential oil reserves in Italy and Malta. We look forward to sharing our success with our shareholders.

Mediterranean Oil & Gas (LON:MOG) chief executive Bill Higgs said the company had landed “a high quality and substantial” partner for its Malta licence in mid-cap Genel Energy (LON:GENL).

The group, headed by former BP (LON:BP) chief executive Tony Hayward, has agreed a two-well financing deal for Area 4 in the waters off the island that will ultimately give it 75 per cent of the licence.

In return MOG will receive a free carry on the first well and will be funded up to US$30 million on the second, with Genel providing the finance for any costs above this figure.

In addition the AIM-listed group, which also has assets both onshore and offshore in Italy, will receive a US$10 million cash payment from Genel on completion of the transaction.

The pair have also signed what they call an area of mutual interest agreement where they will co-operate in acquiring exploration and production assets in the offshore basins of Libya, Malta and Tunisia.

The collaboration, which will see MOG receive 20 per cent of the assets bought, will last a minimum of three years.

CEO Higgs said this morning: "I am very pleased that we have been able to secure such a high quality and substantial partner as Genel to progress the exploration of Area 4 Offshore Malta with the drill bit.

“Genel has an excellent track record in international oil and gas exploration and development. We are excited about the opportunities within the frontier acreage of Area 4 and we are moving ahead with the planning of the first exploration well.

“We are also pleased to have the opportunity to pursue other exploration and production prospects offshore Malta, Libya and Tunisia jointly with Genel.

“The geological similarities to Area 4, together with our combined technical expertise, give plenty of scope to unlock additional value in the region."

Very interesting audio interview with Dr Bill Higgs, Chief Executive Officer of Mediterranean Oil & Gas.

http://www.brrmedia.co.uk/event/102270/bill-higgs-chief-executive-officer

Listen to an interview with Bill Higgs

Interview

with GENEL on board to finance two Malta wells there should be some upward movement in the sp.

Listen to Bill Higgs - AGM Presentation

Click here to listen

Watch a AGM 2012 highlights video.

CLICK HERE TO WATCH!!!

Genel has signed rig contract with Noble, drilling expected to start Q4 2013.

MOG's got an interview out webcast

Interesting that MOG have not, as yet issued an rns re Court case with LGO.
2517

Listen - Mediterranean Oil & Gas - Operational update

AUDIO WEBCAST

LISTEN: Mediterranean Oil & Gas (MOG) - Interim Results for the six month period

Click here

LISTEN: Bill Higgs, CEO of Mediterranean Oil & Gas, provides a resources and reserves update as well as discussing the final results

Click here to listen

Court case starts March.
2517

WATCH: Mediterranean Oil & Gas (MOG) - The 65th Oilbarrel Conference

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Shares Investor Evenings showcase up to four presentations from leading companies bringing them together in one room for one evening only.

Directors present their latest plans regarding development and growth

An opportunity to talk directly to the companies and personally put forward your questions

The chance to network with other attendees over drinks and canapés - private investors, wealth managers, private client brokers, fund managers and financial institutions


WHO SHOULD ATTEND?

The evening exposes investors to companies that exhibit growth potential within dynamic industries. Perfect for existing investors as well as those looking for new investment opportunities.

Date:

Wednesday 16th July 2014

Venue:

Novotel Tower Bridge, 10 Pepys Street, London EC3N 2NR

Evening timings:

18:00 - 18:30 Registration and coffee

18:30 - 20:30 Presentations

20:30 - 21:30 Drinks reception and canapés



Attendance is complimentary, but spaces are limited. REGISTER NOW to secure your place!



FASTNET OIL AND GAS (AIM:FAST)

Fastnet Oil & Gas is an AIM quoted oil and gas exploration company focused on identifying early stage exploration and appraisal opportunities in Offshore Africa and Ireland. Fastnet’s aim is to assemble a portfolio of high impact conventional oil and gas assets in areas that have been underexplored by industry majors. The Company has a highly experienced management team with a proven track record of generating significant shareholder value in the oil and gas industry.


Speaker : Cathal Friel, Executive Chairman

Mediterranean Oil and Gas (AIM:MOG)





Speaker, Bill Higgs, CEO
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