Mediterranean Oil & Gas Sees 'Robust' Production in Q2 2012
Italy-focused Mediterranean Oil & Gas announced Wednesday that production at its offshore Guendalina gas field met management expectations during the second quarter of this year, producing 386 million cubic feet. The represents net production by the company of 4.2 million cubic feet per day.
MOG added that its onshore Italian gas field achieved production of 84 million cubic feet during Q2 2012, which was approximately 495,000 cubic feet per day lower than expected due to maintenance on the surface production facilities relating to one of the firm's assets. The firm plans to complete this maintenance work during the third quarter.
Total revenues attributable to the firm's onshore and offshore gas production during Q2 2012 amounted to $5.2 million (Q1 2012: $5.2 million).
"We continue to build on the very solid start in Q1, with a robust second quarter that has enabled us to build free cashflow," MOG Chief Executive Dr Bill Higgs said in a statement.
At the end of June, Higgs welcomed the clarification of Italy's offshore drilling ban off the coast of the country, which has meant that MOG is now able to continue with the development of the firm's offshore Ombrina Mare field.
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