Mediterranean O&G Gets Extension Offshore Malta

Mediterranean O&G announced the following news on Offshore Malta Area 4 PSC (Blocks 4,5,6,7), the Guendalina Gas Field Development in Italy and the appointment of Panmure Gordon as joint broker.

KEY POINTS

  • 18 month extension of Malta Area 4 PSC exploration period to January 18, 2013
  • Advanced negotiations to farm out 75% of Malta Area 4
  • Guendalina Gas Field development progressing on schedule - first gas on track for September
  • Appointment of Panmure Gordon Limited as joint broker

Michael Bonte-Friedheim, the Company's CEO, stated, "We are very pleased to have reached an agreement with the Government of Malta to extend the exploration phase for all blocks of Area 4. The additional 18 months will allow us to progress our analysis of the acreage and hopefully identify attractive drilling targets.

We are in advanced discussions with a third party for the farm out of a 75% interest in Area 4 and are hopeful that the seismic survey will identify further prospects in the area and make the drilling of an exploration well attractive.

The Guendalina development is progressing well, the most critical phase having been completed successfully, and on schedule. The development represents one of the key milestones of the Company's business plan that will allow it to significantly increase net gas production and revenues, once this comes on stream.

We look forward to working with Panmure Gordon and, post the recent reorganization and fund-raising, believe it is the right time to strengthen the Company's team of advisers to help take the Company forward."

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