MOG Granted Ombrina Licence Extension

Mediterranean Oil & Gas (MOG) has announced that it has been granted an extension to its current BR269 permit offshore from Italy in the Central Adriatic Sea.

The licence extension, which was granted to MOG subsidiary Medoilgas Italia by the Italian Ministry for Economic Development, is granted for three years. The extension will expire on the 5th of May 2015.

Medoilgas is the operator and 100 per cent shareholder of the BR269 licence, which holds the massive Ombrina Mare oil and gas field. Independent assessment of the field indicates certified P1 & P2 Gas Reserves 6.5 billion cubic feet, with a number of satellite prospects surrounding the main field still to be evaluated and potentially explored.

Chief executive of MOG Bill Higgs welcomed the approval today, saying the news furthered the dialogue between the company and the government regarding the development of the field.

"We are pleased that this licence extension has been granted and we see this as a positive sign in our on-going discussions with the Italian authorities regarding the issuance of a production concession for our proposed development of the Ombrina Mare field," he said.

As part of its drive to secure this production concession, MOG has previously said that it will conduct an Environmental Impact Assessment (EIA), once it receives clarification on the steps required by the government to attain this concession.