Guendalina Production in Line with Mediterranean O&G Expectations
Production from the Guendalina gas field for the first quarter of 2012 achieved an average gross production (100 percent basis) of 580,000 scm/day, in line with the Mediterranean Oil & Gas' expectations. This represents net production by the Company of 116,000 scm/day (MOG interest 20 percent) and yielded revenue of $5 million (EUR 4 million) for the first Quarter of 2012.
The processing by Fugro-Geoteam Pty Ltd of 391 square miles (1,012 square kilometers) of the newly acquired 3D seismic survey data from exploration Area 4 offshore Malta is complete. Interpretation of this data will be carried out by MOG and by ERC Equipoise Ltd, the selected Independent Competent Person, with the results expected early in the third Quarter of 2012.
As a result of the strong revenues from Guendalina and our onshore gas assets, the Company proposes to immediately repay $2.6 million (EUR 2 million) previously drawn by MOG in February under the short term secured loan facility entered into with affiliated investment funds of Och-Ziff Capital Management Group to assist the Company fund the acquisition of the 3D seismic data offshore Malta. Following the repayment, the Company will have no debt outstanding.
"We have made a very solid start to the year in delivering both reliable cash flow from our producing assets in Italy, and acquiring the seismic data required to evaluate our prospective resources offshore Malta," said CEO Dr. Bill Higgs.
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