Mediterranean Oil and Gas (MOG) announced Wednesday that it has completed the sale of its interests in 13 non-core exploration and production gas assets onshore Italy to Canoel International Energy (CIL).
MOG said that CIL has now assumed the liability for all future plug, abandonment and site remediation costs associated with the assets. MOG has also paid approximately $1.6 million to CIL as a partial contribution towards future plug, abandonment and site remediation costs for the assets.
Following the completion of the transaction, MOG retains interests in seven onshore Italy gas production concessions, three onshore exploration permits and five exploration permit applications.
MOG Chief Executive Dr Bill Higgs commented in a company statement:
"The divestment of these non-core assets is consistent with our stated strategy to grow the company by investing in exploration, development and production opportunities that can add material resources and reserves to the company's portfolio. Completion of the transaction will free up our operational team to focus on the value-adding opportunities in our expanding international portfolio."
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