The Board of Mediterranean Oil & Gas Plc wishes to make available the latest update on the Serra San Bernardo exploration permit (Permit), onshore Italian Southern Appennines.
Sviluppo Risorse Naturali (SRN) an Italian company with a minority participating interest in the Permit had previously advised the Permit participants that SRN had agreed to sell, subject to existing pre-emptive rights, its 13% interest in the Permit to a global Oil Major that was not part of the Permit joint venture.
Prior to the proposed sale the Permit was held MOG 22.89% (and Operator); Eni 52.66%; Total 11.45% and SRN 13%.
The Company's wholly owned Italian subsidiary, Intergas Piu srl, in its capacity as Permit operator and holder of MOGís interest in the Permit, has been advised that ENI Spa and Total Italia Spa have exercised their pre-emptive rights and acquired SRNís interest in the Permit.
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