Chairman and CEO of Mediterranean Oil & Gas stock up



LONDON (ShareCast) - Both the Chairman and Chief Executive of Mediterranean Oil & Gas (MOG) increased their holdings in the company on Tuesday, one day after it said it was 'pleased' with its production activities in Italy last year, setting the stage for a strong 2013.

CEO William Higgs purchased 200,000 shares at 10.15p each, for a total cost of £20,298, while Chairman Keith Henry bought up 250,000 shares at 10.22p a time for £25,550.

Henry's stake in the group now stands at 1.25m, while Higgs holds 200,000.

The company achieved a total net oil production of 50.68m standing cubic metres (scm) during 2012, representing an average net production of 138,470 scm per day or 872 barrels of oil equivalent per day.

Last year business was boosted after MOG was awarded the Aglavizza Production Concession onshore central Italy where it holds sold ownership in the 7 km2 concession which includes the Civita 1 discovery. It has estimated reserves of more than 1 billion cubic feet (bcf) with first gas expected in early 2015.

In another boon to MOG, offshore restrictions were lifted at Ombrina Mare last August allowing for access to the Sicily oil field's 2P reserves of 40m barrels of oil and 6.5bcf of gas.

In a statement released on Monday Higgs said:"We were pleased with the production performance of our offshore and onshore assets in Italy during 2012, which created steady revenues for the company.

"This production provides a solid base from which to progress our active exploration and production activities in Italy and elsewhere during 2013."

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Director name: Mr Keith Henry
Amount purchased: 250,000 @ 10.22p
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