The Board of Mediterranean Oil & Gas Plc has exchanged contracts on the acquisition from JKX Oil & Gas Plc of 100% of JIL for $1.9 million.
JKX Italia Ltd , which will be renamed Medoilgas Civita Ltd ("MOG Civita"), owns and operates JKX's Italian E&P Business.
Through this 100% acquisition MOG has acquired interests in a production concession application, three exploration permits and an exploration permit application all onshore Italy.
Sergio Morandi, MOG's CEO, commenting on the acquisition, said "The acquisition of MOG Civita represents an attractive opportunity to increase our gas production in the short term and pursue attractive additional gas resources from a mature lead and a prospect. This acquisition creates value for the Company as we leverage our operational base and expertise and secure attractive growth opportunities in our core Italian market."
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