Mediterranean Oil & Gas Plc announced that the Italian Ministry for Economic Development has granted a three year extension until May 5, 2015 to the exploration permit BR269 GC, held by the Company's subsidiary Medoilgas Italia SpA. The Ombrina Mare oil and gas field is located in permit BR269 GC, which is offshore Central Adriatic.
"We are pleased that this license extension has been granted and we see this as a positive sign in our on-going discussions with the Italian authorities regarding the issuance of a production concession for our proposed development of the Ombrina Mare field," Chief Executive Bill Higgs commented.
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