Junior explorer Mediterranean Oil & Gas (MOG) announced Friday that it and Energean Oil & Gas have jointly submitted a bid for exploration and production licenses offshore Montenegro.
The licenses cover offshore blocks 4118/05, 4218/30 and 4118/10.
MOG said that if the bid is successful Energean will be the operator with a 60-percent working interest, while MOG would hold the remaining 40-percent stake.
Energean currently holds four exploration and two development licenses and is the only operator of hydrocarbon fields in Greece. It has produced over 115 million barrels of oil and 30 cubic feet of natural gas from the Prinos and South Kavala offshore fields.
MOG has a number of operated and non-operated assets onshore and offshore Italy, which are in close proximity to Montenegro and share many geological characteristics. MOG said the submission is part of its strategy to acquire further assets in its core region.
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