MOG Awarded Four Italian Exploration Permits

Mediterranean Oil & Gas' subsidiary IGP has been awarded four new Italian exploration permits: Villa Mazzorosa, Serra Dei Gatti, Villa Carbone and Colle dei Nidi. The new permits cover a combined area of 287 square kilometers.

The Villa Mazzarosa permit comprises two gas discoveries namely Savini and Fonte Dell Olmo fields. These as yet undeveloped discoveries were drilled in the 1980s with several gas levels producing on test up to 40,000 scm/d (1.4 mmscf/d). MOG will serve as operator of this permit with 100% interest.

The Serra dei Gatti permit is located onshore southern Italy in the area where IGP owns and operates the Torrente Celone and Masseria Petrilli production concessions. Also MOG's production interests in Lucera and Masseria Acquasalsa are located in close proximity. MOG will serve as operator of Serra dei Gatti with 100% interest.

Villa Carbone and Colle dei Nidi are located onshore central Italy in the area where the company owns and operates the Castel Di Lama production concession and the Acquaviva Picena and Guardia Vomano exploration permits. MOG is the operator of Villa Carbone with 50% interest while Gas Plus Italiana holds 50% interest. For the Colle dei Nidi, Gas Plus Italiana serves as operator with 65% interest, while MOG holds 25% interest and Petrorep holds 10%.

In parallel to the appraisal of Savini and Fonte Dell Olmo fields, MOG will conduct geological and geophysical studies on each of the other licenses to better define a number of identified leads and prospects for gas targets.