Mediterranean Oil & Gas Share Discussion Threads

[sammy_smith] 19/9/2013 14:15

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[glyn10] 19/9/2013 11:37

TIDMMOG

RNS Number : 3608O

Mediterranean Oil & Gas Plc

19 September 2013

MEDITERRANEAN OIL & GAS PLC

(the "Company" or "MOG")

19 September 2013

Unaudited Interim Results for the six month period ending 30 June 2013

The Board of Mediterranean Oil & Gas Plc (AIM: MOG) is pleased to present the Company's Interim Report and Unaudited Financial Statements for the half year ending 30 June 2013.

Operational Highlights

-- Headway made in advancing the Production Concession application for Ombrina Mare (MOG W.I. 100%), Italy:

-- Commission charged by the Ministry of Environment ruled in favour of MOG's Environmental Impact Assessment ('EIA') submission.

-- EIA Director General of MEPLS sent draft EIA decree with positive recommendation to the office of the Minister.

-- Appeal filed before the Administrative Court in Rome against the MEPLS seeking, among other things, a judicial order to instruct MEPLS to issue the EIA Decree.
-- Progress achieved in the exploration of Malta Offshore Area 4 Blocks 4, 5, 6 & 7 ("Area 4")

-- Completion in February 2013 of sale transaction with Genel Energy plc ("Genel") allowing the Company to proceed with planning for the first exploration well.

-- Seabed site survey for the Hagar Qim 1 well Area 4 completed by Fugro Ocean Seismica S.p.A. ("Fugro") to determine suitable well location.

-- Secured rig for drilling operations and all procurement are on track to drill the well in Q1 2014.
-- Enhancement of the Portfolio:

-- Acquisition of a 40% working interest in the Exploration Study Agreement ("ESA") relating to Offshore Malta Area 3 - Blocks 1, 2 and 3 ("Area 3") alongside Capricorn Malta Ltd ("Capricorn")(W.I. 60% and Operator), a subsidiary of Cairn Energy PLC ("Cairn").

-- Award of the Aglavizza production concession onshore central Italy which includes the Civita 1 discovery.
-- Successfully completed first production test on Civita 1 discovery.

-- Completed divestment of 13 non-core exploration and production gas assets, onshore Italy, to Canoel International Energy Limited ("Canoel").
-- H1 total gas production of 17.4 MM scm; 0.61 Bcf (H1 2012: 26.2MM scm; 0.93 Bcf).

-- Unexpected shut-in of Guendalina 2 ("GUE-2") and Guendalina 3 short string ("GUE-3ss")(MOG W.I. 20%, ENI W.I. 80% and Operator) caused by damage to the well completions has curtailed current production to approximately 34,000 scm/d per day (216 boe per day).

-- Feasibility of increasing production from the Guendalina 3 long-string ("GUE-3ls") is being investigated along with remedial operations to restore full production performance.

-- Gas sales agreement with Repower Italia SpA ("Repower") signed and renewed for the offtake of the Company's entire net gas production from the Guendalina gas field until 30 September 2014.

Financial Highlights
-- Net cash and cash equivalents of EUR14.1m (30 June 2012: EUR4.1m).

-- Revenue from sales of gas and condensate and operatorship income of EUR5.4 million (H1 2012: EUR7.9 million).

-- Post EUR1.8 million impairment for Guendalina Field, loss from operations of EUR3.0 million (H1 2012: profit of EUR2.3 million).

Outlook

-- Guendalina field continues to provide the majority of the Company's revenues and cash flow.

-- The Company continues to actively pursue the award of the EIA and Production Concession for Ombrina Mare.

-- Exciting exploration programme to commence with the drilling of Hagar Qim 1 well, Area 4, planned for Q1, 2014.
-- Work with our partner Cairn to evaluate the exploration potential of Area 3.

-- Remain focused on capturing exploration, development and production opportunities that can add future material resources and reserves to the Company's portfolio.

William Higgs, Chief Executive, commented:

"MOG has a broad portfolio of production, development and exploration assets. In the first half of 2013, we closed the sale of a 75% interest in Malta Area 4 to Genel, which contributed to a positive cash position of EUR14.1 million at period end. The Company remains well positioned to actively pursue exploration and growth opportunities.

Completion of the divestment of non-core assets onshore Italy in the period has enabled the team to concentrate on adding new opportunities for growth into our Resources Factory. We were pleased to announce the acquisition of a 40% interest in Offshore Malta Area 3 (Blocks 1, 2 and 3) from a subsidiary of Cairn, in July.

Although we have made strong progress in the de-risking of Ombrina Mare with the EIA ruling in favour of the Company, we are experiencing significant delays in the signing of the EIA Decree. We continue to work with the relevant authorities to seek resolution of the issue.

The Board and management team remains actively engaged in pursuing exploration and growth opportunities and look forward to the drilling of our first exploration well in the highly prospective Malta Offshore Area 4 with Genel."

ENQUIRIES:

Mediterranean Oil & Gas Plc Tel: [phone]
www.medoilgas.com 5807
Bill Higgs, Chief Executive/Chris Kelsall,
Finance Director
Liberum Capital Limited (Nominated Adviser Tel: [phone]
and Joint Broker) 2222
Clayton Bush/Ryan de Franck/Tim Graham
RBC Capital Markets (Joint Broker) Tel: [phone]
Matthew Coakes/Jeremy Low /Jonny Hardy 4000
FTI Consulting (Public Relations) Tel: [phone]
Ben Brewerton/Alex Beagley/Georgia Mann 3113


Glossary
-- scm: Standard cubic meter
-- MMscm: Million standard cubic meters
-- scf: Standard cubic feet
-- Bcf: Billion standard cubic feet
-- Boe: Stock tank barrels of oil equivalent
-- MMboe: Million stock tank barrels of oil equivalent

Chairman's Statement

Dear Shareholder,

The Company is pleased to announce its results for the six month period to 30 June 2013 and continues to progress with the development of our key assets and build the portfolio.

In February, the Company completed the sale of a 75% interest in its subsidiary Phoenicia Energy Company Limited ("PECL") to Genel. PECL owns the exclusive rights to exploration under the Malta Offshore Area 4 Production Sharing Contract (the "Malta PSC"). The Company was pleased to announce in July that it had acquired a 40% working interest in the ESA relating to Area 3 alongside Capricorn.

The Commission charged with ruling on the Ombrina Mare oil and gas field Environmental Impact Assessment ("EIA") ruled positively in favour of MOG's submission, in January. However, following continuing delays in the issuance of the EIA, the Company in August requested a judicial order to instruct the Italian Ministry of the Environment and of Protection of Land and Sea ("MEPLS") to issue the EIA decree. The Company is maintaining ongoing dialogue with the Italian Government, with the objective of identifying a route by which the production concession for the Ombrina Mare project can be issued.

Consistent with our strategy to divest assets that are no longer key to the growth of the Company, in August the Company completed the sale and transfer of 13 non-core exploration and production licences onshore Italy to Canoel. This transaction has freed up our operational team to focus on the more value-adding assets in our portfolio.

We remain committed to actively seeking opportunities to grow the Company and expand our portfolio. The positive progress we have made in recent months with regards to Malta, in particular, demonstrates MOG is building a team which can deliver on those goals.

Keith Henry

Chairman

Chief Executive's Review

Dear Shareholder,

In the first half of the year the Company has continued to progress the key drivers of value creation in our portfolio.

Exploration

Offshore Malta Area 4

In February 2013 the Company completed the sale of 75% of MOG's shareholding in its wholly owned subsidiary PECL to Genel. PECL owns the exclusive rights to exploration activity in Malta Offshore Area 4. Under the terms of the sale agreement Genel acquired MOG's 75% interest for the following consideration:
-- An immediate cash payment of US$10 million;

-- 100% carry of the cost for the first exploration well Hagar Qim 1, planned to be drilled to a minimum depth of 2,500 metres;

-- 100% carry of the cost for the second exploration well up to a maximum of US$30 million gross expenditure;

-- At MOG's option, should the costs of the second well exceed US$30 million, Genel will provide a financing arrangement to fund MOG's 25% share of any additional expenditure, at an interest rate equivalent to 3 Month Libor plus 400 bps.

The Company has continued to make positive progress towards drilling the first exploration well. Along with our partner, Genel, we have secured the use of the Paul Romano deep-water semi-submersible drilling rig to drill one exploration well, which is forecast to spud in Q1 2014. The Paul Romano will drill the Hagar Qim 1 exploration well in water depths of approximately 450 metres and will target reservoirs at a depth of approximately 2,500 metres. The exploration well will target unrisked likely gross prospective resources in the Lower Eocene/Paleocene of 109 MMboe (27 MMboe net to MOG).

On 21 June 2013, PECL signed a 16km(2) well seabed site survey contract with Fugro for the Hagar Qim 1 well and the site seabed survey was completed by the vessel Minerva 1. The data obtained will assist the operational team in determining the most suitable location for the well.

In addition, a contract has been signed with AGR Well Management Ltd ("AGR") for the provision of drilling support services to aid in the planning and execution of the drilling activities. All equipment required for the drilling has now been procured and the logistics for the well are on track to be ready ahead of the well spud.

Offshore Malta Area 3

In August 2013, following the grant of approval by the Government of Malta, the Company acquired through its wholly owned subsidiary Melita Exploration Company Limited ("Melita"), a 40% working interest in the ESA relating to Area 3, alongside Capricorn.

In December 2012 Cairn entered into the ESA with the Government of Malta for Area 3, which is located north of Malta in the Sicily Channel covering an area of approximately 6,000 km(2) and containing a number of prospective leads. The ESA covers an initial two year period with geological studies, the reprocessing of existing 2D seismic data, the acquisition of new 2D seismic data and limited capital works. The ESA provides the right to negotiate a production sharing contract and it can be extended to a third year to acquire 3D seismic data.

The transaction has enabled the Company to expand its footprint offshore Malta ahead of the exploration drilling in Area 4 as MOG continues to diversify the geography of its exploration activities and capital spend.

Monte Grosso - Onshore Italy

Permitting activity and existing well site maintenance works were the main activities conducted during the period. The Monte Grosso 2 exploration drilling project presently remains on hold, pending resolution of residual permitting issues.

S. Laurent - Onshore France

The gas potential of the permit is currently the key exploration target in this asset. Large and high-risk gas leads of between 3 and 4 Tcf have been highlighted in the area and a request for an extension to the exploration period has been submitted by the Operator to the relevant authority.

Development

Ombrina Mare

The immediate goal of the Company is to seek the award of a production concession for the Ombrina Mare field, which will enable the drilling of an additional pilot development well and the development of the 40 million barrels of certified 2P oil reserves and 6.5 Bcf of certified 2P gas reserves.

The ratification by the Italian Parliament in August 2012 of Decree 83/2012 (the "Decree") relating to offshore exploration and production activities confirmed that restrictions introduced by decree DLGS 128/2010 no longer apply to applications for production concessions that were under review at the time DLGS 128/2010 came into force. As a consequence, MOG moved ahead to seek the award of a production concession at the Ombrina Mare oil and gas field based upon the application previously submitted in December 2008, which had received technical approval in June 2009 and was in the final stages of environmental approval when DLGS 128/2010 came into force.

In January 2013, the Company was pleased to note that the Commission charged with ruling on the Ombrina Mare oil and gas field development Environmental Impact Assessment ("EIA") has ruled positively in favour of MOG's submission. Unfortunately, the continuing delay to the Ombrina Mare Project since that time resulted in the Company's Italian subsidiary Medoilgas Italia S.p.A., filing an appeal (the "Appeal") with the Administrative Court in Rome against the Italian Ministry of the Environment and of Protection of Land and Sea ("MEPLS"). The Appeal is aimed at obtaining the annulment and, as an interim measure, the suspension of the letter dated 9 July 2013 (the "Letter") from MEPLS requesting the Company to apply for and obtain an Integrated Environmental Authorisation ("AIA") as a precondition for MEPLS' approval of the EIA for Ombrina Mare. As part of the Appeal, the Company has also requested a judicial order to instruct MEPLS to issue the EIA Decree. Ombrina Mare is a project of considerable strategic importance to the Company and one that we look forward to progressing once a production concession has been awarded.

Aglavizza

In January 2013 the Company was awarded a production concession for the Aglavizza field, located onshore central Italy in the Abruzzo region. In February 2013 the Company successfully completed a three-stage step rate production test at the Civita 1 well, with the results indicating that initial production rates of 18,000 to 20,000 scm per day can be achieved. We expect to make a final investment decision on Aglavizza prior to year-end and forecast first production from the field in the second half of 2015.

Production

In the first half of 2013, gas production was 17.4 MMscm (0.61 Bcf), which represented a decrease of 33% compared to the first half of 2012. Production levels were down year-on-year due to GUE-2 being taken offline on 5 March 2013 to determine the cause of an influx of water which resulted in the well ceasing production. MOG continues to work with the operator to analyse the possible remedial work that can be undertaken to restart production. In late August 2013, the Company was informed by the operator ENI that production from GUE-3ss was shut down due to low pressure at the manifold. Post shut-in, the Guendalina Field is producing approximately 34,000 scm per day net to MOG. The operator is evaluating additional remedial operations to restore the production, including the merit of carrying out, as soon as possible, an acid wash in order to clean the string and the well completion with the goal of restoring full production performance.

In August 2013, the Company completed the sale and transfer of 13 non-core exploration and production licences to Canoel. The divestment of these non-core assets is consistent with our stated strategy to grow the Company by investing in exploration, development and production opportunities that can add material resources and reserves to the Company's portfolio. Completion of the transaction has freed up our operational team to focus on the value-adding opportunities in our expanding international portfolio.

The Company's average realised gas sales price for the first half of 2013 was EUR0.31 per scm (USD 11.5 per Mscf). Forward oil price forecasts and, in turn, forecast future gas prices, indicate that the gas price is likely to be 2 to 3% lower as we approach the end of the year.

The gas sales contract for Guendalina, signed in March 2013 with Repower Italia, has been extended to include all of our Italian gas production and MOG is pleased to have the contract in place with Repower Italia until the end of the next thermal year, which ends on 30 September 2014.

Financial Results

The Company recently announced completion of the divestment of non-core exploration and production assets, onshore Italy ("Assets Held for Sale") to Canoel. Excluding the Assets Held for Sale, the Company generated revenues of EUR5.4 million in the 6 months ended 30 June 2013 (H1, 2012: EUR7.9 million). Total production of gas and condensates from all assets was 17.4 MMscm (0.61 Bcf), at an average gas sales price (across both onshore and offshore production) of EUR0.31 per scm (USD 11.5 per Mscf).

The decline in H1 revenues year-on-year occurred largely as a result of the Guendalina Field well GUE 2ss being taken offline on 5 March 2013 to determine the cause of an influx of water. The post period-end shut down of production from the short string of the Guendalina-3 well has resulted in the Guendalina Field currently producing approximately 34,000 scm per day net to MOG. As a consequence, an impairment charge of EUR1.8 million was recognized in the period.

The main contributor to the increase in Other Administrative Expenses of EUR3.6m (H1 2012: EUR2.1m) was legal fees of EUR444,000 incurred by the Company in relation to the defence of the legal claim brought by Leni Gas & Oil Plc ("LGO") and Leni Gas & Oil Investments Limited ("LGOI").

During the reporting period the Company realized a loss from continuing operations after tax of EUR3.4 million (H1, 2012: profit of EUR1.7 million). As at 30 June 2013, the Company held EUR14.1 million of cash and cash equivalents.

Litigation

In accordance with the timetable established by the High Court of Justice of England and Wales at the Case Management Conference held on 17 May 2013, relating to the claims brought by LGO and LGOI, a trial date has been set for early March 2014. The Company continues to refute all of the various claims that LGO and LGOI have made and will work to protect the interests of shareholders. Activities in Malta are unaffected by the on-going legal dispute.

Health and Safety

The Company continues to be committed to maintaining the highest standard in health, safety and environmental management. No injuries were recorded across our operations in the first half of 2013.

Outlook

MOG has a broad portfolio of production, development and exploration assets. Over the next 12 months, MOG intends to progress its key assets and pursue attractive and material strategic growth opportunities that we expect to identify.

One of the key strengths of the Company is the wide international experience of its senior managers, particularly in the Mediterranean area, and the operational capability of its staff and organization, which we believe is critical in supporting the Company's ambitious growth objectives.

William Higgs

Chief Executive

Qualified person

In accordance with the guidelines of the AIM Market of the London Stock Exchange, Dr Bill Higgs, Chief Executive of Mediterranean Oil & Gas Plc, a geologist, explorationist and reservoir manager with over 24 years' oil and gas industry experience, is the qualified person as defined in the London Stock Exchange's Guidance Note for Mining and Oil and Gas companies, has reviewed and approved the technical information contained in this announcement.

Glossary

2P Reserves Has the meaning ascribed by the SPE/WPC Standard
Bcf Billion cubic feet of gas
MMboe Million stock tank barrels of oil equivalent
MMscf Million standard cubic feet of gas
MMscm Million standard cubic metre of gas
Mscf Thousand standard cubic feet of gas
P1 & P2 Reserves Proven plus probable reserves as defined in the SPE/WPC
Standard
Prospective oil/gas Has the meaning ascribed by the SPE/WPC Standard
resources
scm Standard cubic metre
SPE/WPC Society of Petroleum Engineers/World Petroleum Congress

Tcf Trillion cubic feet of gas

SPE/WPC Standard Definitions and methodology for certifying hydrocarbon reserves and resources adopted by the SPE/WPC from time to time which presently requires the application of the 2007 Petroleum Resources Management System standards.

INDEPENDENT REVIEW REPORT TO MEDITERRANEAN OIL & GAS PLC

Introduction

We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2013 which comprise the consolidated statement of comprehensive income, consolidated statement of changes in equity, consolidated statement of financial position, consolidated statement of cash flows and related notes.

We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

Directors' responsibilities

The interim report, including the financial information contained therein, is the responsibility of and has been approved by the directors. The directors are responsible for preparing the interim report in accordance with the rules of the London Stock Exchange for companies trading securities on AIM which require that the half-yearly report be presented and prepared in a form consistent with that which will be adopted in the company's annual accounts having regard to the accounting standards applicable to such annual accounts.

Our responsibility

Our responsibility is to express to the company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review.

Our report has been prepared in accordance with the terms of our engagement to assist the company in meeting the requirements of the rules of the London Stock Exchange for companies trading securities on AIM and for no other purpose. No person is entitled to rely on this report unless such a person is a person entitled to rely upon this report by virtue of and for the purpose of our terms of engagement or has been expressly authorised to do so by our prior written consent. Save as above, we do not accept responsibility for this report to any other person or for any other purpose and we hereby expressly disclaim any and all such liability.

Scope of review

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the interim financial statements in the half-yearly financial report for the six months ended 30 June 2013 is not prepared, in all material respects, in accordance with the rules of the London Stock Exchange for companies trading securities on AIM.

BDO LLP

Chartered Accountants and Registered Auditors

London

United Kingdom

18 September, 2013

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

MEDITERRANEAN OIL & GAS PLC

(the "Company" or "MOG")

Consolidated Statement of Comprehensive Income

for the period ended 30 June 2013

_________________________________________________________________________________________

Note Unaudited Unaudited
six months Audited six months
ended year ended ended
30 June 31 December 30 June
2013 2012 2012
EUR'000 EUR'000 EUR'000

Revenue 5,423 16,254 7,907
Cost of sales (1,426) (3,837) (1,157)
_____ ______ ______
Gross profit 3,997 12,417 6,750
Other operating income 593 152 16
Administrative expenses
------------------------------------------- ----- ------------- -------------- ------------
Depreciation, depletion and
amortisation (2,163) (4,483) (2,410)
Impairment (1,800) - -
Other administrative expenses 6 (3,626) (4,031) (2,093)
------------------------------------------- ----- ------------- -------------- ------------

Total administrative expenses (7,589) (8,514) (4,503)
______ ______ ______
(Loss)/Profit from operations (2,999) 4,055 2,263

Finance expenses (426) (894) (262)
Finance income 16 463 91
_____ ______ ______
(Loss)/Profit from continuing (3,409) 3,624 2,092
operations before tax
Tax (expense) / credit - (1,867) (411)
______ _______ _______
(Loss)/Profit from continuing
operations after tax (3,409) 1,757 1,681

Gain on disposal of 'Held for
sale' non current assets net
of tax 3(a) 2,754 - -
Profit/(loss) on discontinued
operations net of tax 3(b) 103 (864) (1,259)
______ ______ ______
Profit for the period/year and
total comprehensive income attributable (552) 893 422
to the equity holders of the
parent
_______ _______ _______

(Loss)/Profit per share attributable
to the equity holders of the
parent
Basic and diluted 4 (0.13)cents 0.21cents 0.10cents
_______ _______ _______
(Loss)/Profit per share on continuing
operations
Basic and diluted 4 (0.15)cents 0.41cents 0.39cents
_______ _______ _______
Profit/(Loss) per share on discontinued
operations
Basic and diluted 4 0.02cents (0.20)cents (0.29)cents
_______ ________ _______



Consolidated Statement of Financial Position

at 30 June 2013

_________________________________________________________________________________________



Unaudited Audited Unaudited
30 June 31 December 30 June
2013 2012 2012
Assets EUR'000 EUR'000 EUR'000
Non-current assets
Property, plant and
equipment 14,355 18,256 17,840
Exploration and evaluation
assets 23,388 19,801 28,900
Available-for-sale investments 34 34 34
Other receivables 1,038 804 697
Deferred tax asset 2,973 3,095 3,742
_______ _______ _______
Total non-current assets 41,788 41,990 51,213
Current assets
Inventories 2,529 2,531 2,531
Trade and other receivables 4,861 5,339 6,105
Cash and cash equivalents 14,096 8,668 4,144
Non-current assets classified
as "Held for sale" 3(a) - 8,017 -
_______ _______ _______

Total current assets 21,486 24,555 12,780
_______ _______ _______
Total assets 63,274 66,545 63,993

Liabilities
Non-current liabilities
Provisions 5,991 5,779 5,519
_______ _______ _______

Total non-current liabilities 5,991 5,779 5,519
_______ _______ _______
Current liabilities
Trade and other payables 3,099 4,884 4,322
Corporation tax liabilities 1,224 1,568 586
Non-current liabilities
classified as "Held
for sale" 3(b) - 1,250 1,250
_______ _______ _______

Total current liabilities 4,323 7,702 6,158
_______ _______ _______

Total liabilities 10,314 13,481 11,677
_______ _______ _______

Total net assets 52,960 53,064 52,316
_______ _______ _______
Capital and reserves
attributable to equity
holders of the company
Share capital 5,075 5,066 5,058
Deferred shares 10,721 10,721 10,721
Share premium 40,798 40,752 40,711
Warrant and share option
reserve 1,227 1,292 1,064
Contributed equity reserve 8,111 8,111 8,111
Retained deficit (12,972) (12,878) (13,349)
_______ _______ _______

Total equity 52,960 53,064 52,316
_______ _______ _______


Consolidated Statement of Changes in Equity

at 30 June 2013

_________________________________________________________________________________________________________________________________________

Warrant and
Deferred Share Contributed share option Retained Total
Share capital shares premium Equity reserve reserve deficit equity
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000

Balance at 1 January
2012 5,058 10,721 40,711 8,111 729 (13,771) 51,559
Share-based payment - - - - 335 - 335
Income for the period - - - - - 422 422
_______ _______ _______ _______ _______ _______ _______
Unaudited balance at 30
June 2012 5,058 10,721 40,711 8,111 1,064 (13,349) 52,316
_______ _______ _______ _______ _______ _______ _______

Balance at 1 January
2012 5,058 10,721 40,711 8,111 729 (13,771) 51,559
Shares issued 8 - 41 - - - 49
Share-based payment - - - - 563 - 563
Lapse of options - - - - - - -
Income for the period - - - - - 893 893
_______ _______ _______ _______ _______ _______ _______
Audited balance at 31
December 2012 5,066 10,721 40,752 8,111 1,292 (12,878) 53,064
_______ _______ _______ _______ _______ _______ _______

Balance at 1 January
2013 5,066 10,721 40,752 8,111 1,292 (12,878) 53,064
Shares issued 9 - 46 - - - 55
Share-based payment - - - - 393 - 393
Lapse of options - - - - (458) 458 -
Loss for the period - - - - - (552) (552)
_______ _______ _______ _______ _______ _______ _______
Unaudited balance at 30
June 2013 5,075 10,721 40,798 8,111 1,227 (12,972) 52,960
_______ _______ _______ _______ _______ _______ _______


Consolidated Statement of Cash Flows

for the period ended 30 June 2013

_________________________________________________________________________________________

Unaudited Unaudited
six months Audited six months
ended year ended ended
30 June 31 December 30 June
2013 2012 2012
Cash flows from operating activities EUR'000 EUR'000 EUR'000
(Loss)/profit for the period/year (3,409) 1,757 1,681
Adjustments for:
Non cash income (593) - -
Depreciation, depletion and
amortization 2,163 4,483 2,410
Impairment 1,800 - -
Share-based payments
expense 393 563 335
Finance income - (463) (17)
Finance expense 3 - 55
Tax expense - 1,867 411
Foreign exchange 265 403 42
Unwinding of discount on provision 270 491 91
_______ _______ _______
Cash flows from operating activities
before changes in working capital
and provisions 892 9,101 5,008
Decrease in inventories 2 2 2
Decrease/(Increase) in trade
and other receivables (348) 3,075 2,379
(Decrease) in trade and other
payables (1,785) (5,333) (4,901)
(Decrease) in provisions/ non-current
receivables (22) (305) (311)
Taxes paid - (84) (47)
__________ __________ __________
Net cash flows (used in)/from
operating activities (1,261) 6,456 2,130
Net cash flows from discontinued
operations (1,147) 454 -

Investing activities
Purchase of Property, plant
and equipment (167) (211) (1,176)
Exploration costs incurred (1,104) (1,525) (439)
Proceeds from disposal of 'Asset 8,902 - -
for sale'
_______ _______ _______

Net cash from/(used in) investing
activities 7,631 (1,736) (1,615)
Financing activities
Issue of new shares - cash received 55 49 -
Interest paid (3) (52) (51)
New loan draw down - 2,000 2000
Repayment of loan - (2,000) (2,000)
_______ _______ _______

Net cash from/(used) in financing
activities 52 (3) -
_______ _______ _______

Net increase in cash and cash
equivalents 5,275 5,171 515
Cash and cash equivalents at
the beginning of the period/year 8,668 3,703 3,703
Foreign exchange gains/(losses)
on cash and cash equivalents 153 (206) (74)
_______ _______ _______
Cash and cash equivalents at
the end of the period/year 14,096 8,668 4,144
_______ _______ _______



Mediterranean Oil & Gas Plc

Unaudited notes forming part of the consolidated interim financial statements

for the period ended 30 June 2012

_________________________________________________________________________________________
1 Accounting polices

Basis of preparation

The interim financial statements have been prepared using policies based on International Financial Reporting Standards (IFRS and IFRIC interpretations) issued by the International Accounting Standards Board (IASB) and in accordance with the Companies Act 2006, as applicable to companies preparing their accounts under IFRS, adopted by the EU. The interim financial statements have been prepared using the accounting policies which will be applied in the Group's statutory financial statements for the period ended 31 December 2013.

The Group has accounted for the divestment of a 75% interest of the company owning 100% of the participating interest in the Offshore Malta Area 4 Production Sharing Contract (the 'PSC') as a disposal of a subsidiary resulting in a joint operation under IFRS 11. Therefore, cash received in part consideration for the sale of the 75% interest in the PSC (or for farming out) has been applied as a reduction in the carrying value of the related oil and gas property with any excess accounted for as a gain on disposal.

For the purposes of this interim statement, the comparative periods presented are the year ended 31 December 2012 and the six months ended 30 June 2012.

The financial information for the period ended 31 December 2012 does not constitute the full statutory accounts for that period. The Annual Report and Financial Statements for 2012 have been filed with the Registrar of Companies. The Independent Auditors' Report on the Annual Report and Financial Statement for 2012 was unqualified and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.

Going concern

The directors consider that it is appropriate for the interim financial statements to be prepared on a going concern basis. At 30 June 2013, the Group has a net cash position of EUR 14.1m and no outstanding loans or borrowings. Management has prepared cash flow projections which indicate that the Group can continue to meet its liabilities as they fall due and meet minimum spend commitments on its licences for a period of not less than 12 months from the date of authorisation of the interim financial statements.
2 Financial reporting period

The interim financial information for the period 1 January 2013 to 30 June 2013 is unaudited. In the opinion of the directors the interim financial information for the period presents fairly the financial position, and results from operations and cash flows for the period and is in conformity with generally accepted accounting principles which are consistently applied. The accounts incorporate comparative figures for the audited year ended 31 December 2012 and unaudited six months ended 30 June 2012. The financial information contained in this interim report does not constitute statutory accounts as defined by section 435 of the Companies Act 2006.
3 Assets Held for Sale
(a) Non current assets held for sale

Unaudited Audited Unaudited
30 June 31 December 30 June
2013 2012 2012
EUR'000 EUR'000 EUR'000
Assets: Exploration and evaluation
assets - 8,017 -
========== ============ ==========


Income: Gain on disposal 2,754 - -
======


On 21 December 2012, the Group announced that it had signed the two key contracts with Genel Energy plc ('Genel') that enabled Genel's acquisition of a 75% working interest in Offshore Malta Area 4 Production Sharing Contract (the 'PSC'). These contracts were: (1) a Share Sale Agreement which resulted in Genel acquiring 75% of the issued share capital of the Group wholly owned subsidiary, Phoenicia Energy Company Limited ('PECL') on completion, and (2) a Shareholders' Agreement, which governs the operation of PECL in relation to its execution of obligations under the PSC and the rights and obligations of the shareholders of PECL, being Mediterranean Oil & Gas Plc and a subsidiary of Genel. Completion of the Share Sale Agreement occurred on 28 February 2013.

Under IFRS, non-current assets are classified separately as 'Held for Sale' in the statement of financial position when their carrying amount will be recovered through a sale rather than continuing use. This condition is only met when the sale is highly probable, assets are available for immediate sale in their current condition, and the management is committed to the sale which should be completed within one year of the classification. Liabilities directly associated with the assets classified as held for sale and expected to be included as part of the sale transactions are correspondingly also classified separately. Property, plant and equipment once classified as held for sale are not subject to depreciation or amortisation. The net assets and liabilities of a disposal group classified as held for sale are measured at the lower of their carrying amount and fair value less cost to sell.

At 31 December 2012, the total carrying amount related to the PSC was classified as 'Held for sale'. The Group has completed its evaluation of the accounting for this transaction under IFRS11 that became effective 1 January 2013 and concluded that all of the carrying amount should not be de-recognised and therefore a gain on disposal of the 75% interest only has been recorded. No tax is expected to arise on this transaction.
(b) Non current liabilities held for sale

On 6 September 2012, the Group had entered into a sale and purchase agreement with Canoel International Energy Limited ("CIL"), to transfer to CIL and/or its nominated subsidiary, title to the below listed exploration and production gas assets onshore Italy. As part of this agreement the Group was required to pay EUR1.25m to CIL at completion as partial contribution towards future plug, abandonment and site remediation cost for these assets. In June 2013, the Italian Ministry of Economic Development issued preliminary authorisation to CIL and MOG to sign the notarised transfer of the interest to CIL. CIL and MOG received the final decree authorising the transfer from the Ministry of Economic Development on 28 June 2013, as published in the Official Hydrocarbon Gazette on 30 June 2013.

These assets are presented in the Consolidated Statement of Financial Position as non-current assets "held for sale" in accordance with IFRS 5 Non-current assets held for sale and discontinued operations and are:
-- Masseria Grottavecchia
-- San Teodoro;
-- Torrente Cigno
-- Misano Adriatico
-- Sant'Andrea
-- Masserai Petrilli
-- Masseria Acquasalsa
-- Lucera
-- San Mauro
-- Montalbano
-- Serra dei Gatti
-- Villa Carbone
-- Colle dei Nidi

The movements of the discontinued operations in the consolidated statement of financial position can be summarised as follows:

Unaudited Audited Unaudited
30 June 31 December 30 June
2013 2012 2012
EUR'000 EUR'000 EUR'000
Assets
Property, plant and equipment - 2,219 2,482
Exploration and evaluation assets - 184 241
Impairment of assets - (2,403) (2,723)
Non-current liabilities
Decommissioning liabilities - (2,638) (2,717)
Release of decommissioning liability - 1,388 1,467
---------- ------------ ----------
Non-current liabilities held for sale - (1,250) (1,250)
========== ============ ==========


The income statement loss on discontinued operations is summarised as follows:

Unaudited Audited Unaudited
31 December 30 June
30 June 2013 2012 2012
EUR'000 EUR'000 EUR'000

Revenue 558 1,150 644
Cost of sales (455) (696) (518)
Unwinding of discount on decommissioning
provision (125) (259) (129)
Depreciation, depletion and amortisation - (44) -
Impairment of assets classified as
'held for sale' - (2,403) (2,723)
Release of decommissioning liability 125 1,388 1,467
Profit/(loss) on discontinued operations
net of tax 103 (864) (1,259)
============= ============ ==========


The cash flow on discontinued operations is summarised as follows:

Unaudited Audited Unaudited
31 December 30 June
30 June 2013 2012 2012
EUR'000 EUR'000 EUR'000

Profit/(loss) on discontinued operations
net of tax 103 (864) (1,259)
Non-cash adjustments (125) 1,015 1,130
Payment to CIL (1,250) - -
Unwinding discount 125 259 129
Depreciation, depletion and amortisation - 44 -
Net Cash Flows from discontinued operations (1,147) 454 -
============= ============ ==========

4 Earnings/(loss) per share

Unaudited Audited Unaudited
31 December 30 June
30 June 2013 2012 2012
EUR'000 EUR'000 EUR'000

Numerator: (Loss)/Profit (552) 893 422
---------------------------------------------- ------------- ------------ -------------
Denominator: Weighted average number
of shares for basic EPS 430,233,129 429,211,517 429,117,710
---------------------------------------------- ------------- ------------ -------------
Dilutive effect of share options outstanding 6,718,376 4,143,237 0
Weighted average number of shares
for diluted EPS 436,951,505 433,354,754 429,117,710
---------------------------------------------- ------------- ------------ -------------
EPS per share on continuing operations
-basic and diluted (0.15) cents 0.41 cents 0.39 cents
EPS per share on discontinued operations
-basic and diluted 0.02 cents (0.20)cents (0.29)cents
EPS attributable to the equity holders
of the parent - basic and diluted (0.13) cents 0.21 cents 0.10 cents
---------------------------------------------- ------------- ------------ -------------


In the current period the number of potentially dilutive ordinary shares, in respect of Directors and employee share options is 25,712,000 (31 December 2012: 18,842,000; 30 June 2012: 15,571,823). These potentially dilutive ordinary shares may have a dilutive effect on future earnings per share.
5 Segmental reporting

In the opinion of the Directors, the operations of the Group companies comprise three operating segments conducting exploration, production, and corporate activities.

The Group operates in one geographic area, being Mediterranean Europe. The Group's oil and gas revenues are generated entirely in Italy and result from sales to European based customers.

The reportable segments have been identified on the basis that these operating segments form the main identifiable cost centres for the group as reported to the Chief Operating Decision Maker (CODM). The CODM is defined as the Board of Directors.

The primary financial statements presented reflect all the activities of these three operating segments.

For the Group's operating segments these are the key reportable items:

Production Exploration Corporate Total
1 January 2012 to 30 June 2012 EUR'000 EUR'000 EUR'000 EUR'000
----------------------------------- ---------- ----------- --------- -------
Total revenues 7,907 7,907
Profit before tax 4,272 (367) (1,813) 2,092
Non-current assets 18,485 30,750 1,978 51,213
Non-current liabilities 3,239 2,176 104 5,519

Production Exploration Corporate Total
1 January 2012 to 31 December 2012 EUR'000 EUR'000 EUR'000 EUR'000
----------------------------------- ---------- ----------- --------- -------
Total revenues 16,254 - - 16,254
Profit before tax 5,157 (752) (781) 3,624
Non-current assets 19,804 21,349 837 41,990
Non-current liabilities 3,389 2,278 112 5,779

Production Exploration Corporate Total
1 January 2013 to 30 June 2013 EUR'000 EUR'000 EUR'000 EUR'000
----------------------------------- ---------- ----------- --------- -------
Total revenues 5,423 - - 5,423
Profit before tax (652) (688) * (2,069) (3,409)
Non-current assets 15,346 24,379 2,063 41,788
Non-current liabilities 3,520 2,364 107 5,991



* The gain on disposal of assets held for sale (refer note 3 (a)) is reported separately on the Statement of Comprehensive Income
6 Other administrative expenses

Unaudited Audited Unaudited
31 December 30 June
30 June 2013 2012 2012
EUR'000 EUR'000 EUR'000

These include:
Staff costs including directors 2,489 3,606 2,160
Legal costs for the dispute with LGOI
(Note 9) 444 165 -

7 Subsequent events

In August 2013, the Group's operating asset the Guendalina Field stopped producing from the short string of the Guendalina-3 well ("Gue-3") due to low pressure at the manifold. Post shut-in, the Guendalina Field is producing approximately 34,000 scm per day net to MOG. The operator is evaluating additional remedial operations to restore the production, including the merit of carrying out, as soon as possible, an acid wash in order to clean the string and the well completion with the goal of restoring full production performance. This followed the earlier incident in March 2013 where well GUE 2ss was taken offline due to an influx of water. Following the latest event, management have reviewed the carrying value of the Guendalina asset to ascertain its recoverability based on value in use. A discount rate of 10% has been used in the value in use calculation which has been deemed appropriate given the risk profile of the Group. As a result of this exercise, an impairment loss of EUR1.8m has been recognised as an adjusting event in the interim financial statements.

In Italy, the ratification in August 2012 of Decree 83/2012 (the "Decree") relating to offshore exploration and production activities confirmed that restrictions introduced by decree DLGS 128/2010 no longer apply to applications for production concessions that were under review at the time DLGS 128/2010 came into force. As a consequence, the Company resumed the process to procure the award of a production concession at the Ombrina Mare oil and gas field based upon the application previously submitted in December 2008, which had received technical approval in June 2009 and was in the final stages of environmental approval when DLGS 128/2010 came into force. In January 2013, the Company received a positive ruling by the Commission charged with reviewing the Ombrina Mare oil and gas field development Environmental Impact Assessment ("EIA").

In August 2013, given continuing delay to the EIA approval process since that time, the Company's Italian subsidiary Medoilgas Italia S.p.A., filed an appeal (the "Appeal") with the Administrative Court in Rome against the Italian Ministry of the Environment and of Protection of Land and Sea ("MEPLS"). The Appeal is aimed at obtaining the annulment and, as an interim measure, the suspension of the letter dated 9 July 2013 (the "Letter") issued by the MEPLS which has requested the Company to apply for and obtain an Integrated Environmental Authorisation ("AIA") as a precondition for the MEPLS' approval of the EIA for the Ombrina Mare project. As part of the Appeal, the Company has also requested a judicial order to instruct MEPLS to issue the EIA Decree.
8 Capital commitments

As at 30 June 2013, the Group has committed EUR1.8m (31 December 2012: EUR2.9m) in operational and exploration expenditure relating to various concessions. The amounts represent the open/ outstanding contracts and purchase orders at the balance sheet date.

The Group does not have any exploration or work programme commitments as it has the right to withdraw from its license areas at any stage. The Group's share of planned expenditure for Offshore Malta Area 4 Production Sharing Contract(the 'PSC') as at 30 June 2013 is carried by Genel Energy plc except for the Group's share of the area rental of EUR0.2m that is due under the PSC in January 2014.
9 Contingent liability

On 3 January 2013, Leni Gas & Oil Investments Limited ("LGOI") and Leni Gas & Oil plc (collectively, the "Claimants") commenced legal proceedings in the Queen's Bench Division of the Commercial Court of the High Court of Justice in England and Wales (the "High Court"), against Malta Oil Pty Limited ("MOL") and Phoenicia Energy Company Limited ("PECL") (together, the "Defendants"). MOL is a subsidiary of the Company. The Company holds a 25% interest in PECL, as at period end.

The proceedings relate to the purchase by PECL of LGOI's 10% interest previously held in the Malta Offshore Area 4 PSC (the "PSC"). The Claimants seek: rescission of the sale agreement dated 31 July 2012 under which LGOI sold its 10% interest in the PSC to PECL, further or alternatively, damages for fraudulent misrepresentation, and interest on any sums which are found to be due.

On 25 February 2013, the Defendants filed a Defence with the High Court. The Defendants and the Company's Board of Directors continue to refute the various claims which have been made by the Claimants. The Group will defend itself and the interests of its shareholders rigorously. The outcome of this claim and the potential financial impact cannot be determined at this stage and therefore no provision has been made in the financial statements.

The Genel Energy Plc transaction announced by the Company on 21 December 2012, which completed on 28 February 2013 and the proposed Malta work programme are unaffected by this dispute.

This information is provided by RNS

The company news service from the London Stock Exchange

END

[ohisay] 16/9/2013 14:26

RBC comment today


Our View: Regulatory delays and production issues in Italy are shifting
investment case toward Q1/14 exploration offshore Malta. New 9p price
target.
Key Points:
A virtue of the company's portfolio is that it provides more than one aspect
to the investment case-although development of Ombrina Mare remains
constrained by a regulatory impasse in Italy, frontier exploration drilling
offshore Malta is due to begin in Q1/14. However, we have reduced our
price target to 9p from 12p in light of continued uncertainty around the
timing of Italian regulatory approvals and the need for additional capital.

Potential stalemate at Ombrina Mare: Future appraisal/development
activity offshore Italy on the 41mmboe Ombrina Mare field requires award
of a Production Concession, for which approval of the Environmental
Impact Assessment is a prerequisite. In August, the company's Italian
subsidiary started legal proceedings to obtain the EIA Decree from the
Italian Ministry of the Environment and of Protection of Land and Sea.
As an indication of the political obstacles faced by the company, in early
September the Italian government responded to environmental concerns
by prohibiting all new upstream activity within ~12 miles of Italy's
coastline. Ombrina Mare is 5 miles from the coast but was previously
granted an exemption from 2010 restrictions on drilling as the proposed
development was considered pre-existing activity.
Production downtime: The company's main producing asset, the
Guendalina gas field, has endured a second production issue (the Gue-2ss
well has been off-line since March); the Gue-3 well was recently shut down
due to low pressure at the manifold. Remedial work is planned, but net
production from the field has fallen to ~216boe/d. The company's 20%
stake provided average net production of 448boe/d during Q2/13. We
have adjusted our assumptions accordingly, leading us to forecast a small
operating loss for the year.

[bondholder] 11/9/2013 09:21

Oh dear...... This looks bad.

[12bn] 05/9/2013 08:00

Buy some LGO and then if the verdict goes against you then you win with LGO.A lot of good news expected there aswell,DYOR.

[ohisay] 22/8/2013 14:26

Which street would that be then?

16 August, 2013
Memery Crystal Appointment

On 15 August 2013 Memery Crystal LLP was appointed as the solicitors on the record for Malta Oil Pty Limited and Phoenicia Energy Co Limited in the case brought by Leni Gas & Oil Plc ("LGO"). The parties to the legal proceedings are in the process of exchanging relevant documents and the Company is delighted to be working with the Memery Crystal team to prepare the case for trial in March 2014.
MOG continues to refute all the various claims that LGO has made against the Company.

[bobobob5] 12/8/2013 21:10

Taking on the Italian government in the courts...in ITALY?

And trouble ahead on the LGO case, so it's being said on the street...

[garymegson] 30/7/2013 12:12

Hmmm some big trades going in all the same size!!

[glyn10] 24/7/2013 17:34

RNS Number : 9926J

Mediterranean Oil & Gas Plc

24 July 2013

Wednesday 24 July 2013

Mediterranean Oil & Gas Plc

(the "Company" or "MOG")

Acquisition of Interest in Offshore Malta Area 3

The Board of Mediterranean Oil & Gas Plc (AIM: MOG) is pleased to announce that, following the grant of approval by the Government of Malta, it has acquired through its wholly owned subsidiary Melita Exploration Company Limited ("Melita"), a 40% working interest in the Exploration Study Agreement ("ESA") relating to offshore Malta Area 3 - Blocks 1, 2 and 3, alongside Capricorn Malta Ltd (W.I. 60%, Operator), a subsidiary of Cairn Energy PLC ("Cairn").

In December 2012 Cairn entered into a two-year ESA with the Government of Malta for Blocks 1, 2 and 3 of Area 3, which are located north of Malta in the Sicily Channel covering an area of approximately 6,400 km(2) and containing a number of prospective leads.

The ESA covers an initial two year period with geological studies, the reprocessing of existing 2D seismic data, the acquisition of new 2D seismic data and limited capital works. The ESA provides the right to negotiate a production sharing contract and it can be extended to a third year to acquire 3D seismic.

Dr. Bill Higgs, Chief Executive of Mediterranean Oil and Gas, commented:

"We are very pleased to have completed this transaction with Cairn. This enables us to expand our footprint offshore Malta ahead of our exploration drilling in Area 4 later this year as MOG continues to geographically diversify exploration activities and capital spend. We look forward to working with Cairn to evaluate the exploration potential of Blocks 1, 2, and 3 of Area 3, which we believe could mirror the exploration opportunities demonstrated elsewhere in the Sicily Channel."

Ends

[sammy_smith] 18/7/2013 11:07

Listen - Mediterranean Oil & Gas - Operational update

Click the link to listen

[ohisay] 17/7/2013 11:50

MOG mentioned in yesterdays note.



*(Pages 9 and 14}

[ohisay] 15/7/2013 10:54

From the Times posted on iii.


Trade Secrets: logic vanishes in hour of need
15 July 2013
Gary Parkinson

....Restrictions were lifted in August last year and MOG looked good to go. Before Italian politics intervened. In federal elections this year, the populist Five Star Movement mopped up roughly a quarter of the vote among a disillusioned Italian electorate. Campaigning on an environmentalist ticket, it's fair to say M5S isn't the biggest friend of big oil and gas.
Now, with local elections looming at the end of this year or early next, the last thing Italy's old guard want is to endorse projects that might be seen to dent their green credentials.
The Italian operations of not only MOG but also of Royal Dutch Shell, BG Group and Petroceltic International are being stymied at the local level on the pretext of environmental impact. No matter that in MOG's case this will be minimal.
On Wednesday, its predicament will be raised by David Cameron in a meeting in Downing Street with his opposite number, Enrico Letta, as the two leaders discuss ways to stimulate the ailing Italian economy.
A couple of thoughts:
• Italy spends up to $78 billion annually on oil and gas imports.
• Harnessing Italy's total proven oil and gas reserves not yet in production would bring in an extra $63 billion to its economy.
That would significantly bring down total net debt, which stands at 127 per cent of a GDP predicted to fall by 1.9 per cent this year.
In a country where direct foreign investment has collapsed by a catastrophic 72 per cent in a year, development of Ombrina Mare would bring $500 million of investment and 5,000 new jobs. MOG shareholders will hope that the PM makes Signor Letta an offer he can't refuse.

[glyn10] 03/7/2013 14:42

Oh I am sure they must have had gas masks !!!

[garymegson] 03/7/2013 11:59

Everyone must be crammed at the back so no to smell the sh1t this guys talking lol

[megabear] 03/7/2013 11:45

Wow! Standing room only.

[cockerhoop] 03/7/2013 11:41

'They've been very naughty boys'! :-)

[nicosevos] 03/7/2013 11:07

LGO presentation, MOG comment 18:50 in.

[joestalin] 05/6/2013 19:33

If the Camorra want it to happen - it will happen. The WWF are merely painting targets on themselves.

[billy_buffin] 05/6/2013 12:58

Ombrina Mare, WWF warning Minambiente (staffettaonline.com snippet today)

'The WWF Italy has submitted a formal notice to the Directorate-General for environmental assessments of the Ministry of the Environment "by adopting a formal decision rejecting" about the positive assessment to the project of the oil rig croaker* society Medoilgas Sea off the coast.'

*Croaker! = 'Ombrina Mare' or Sea Bream

and re Upstream Italy same source new minister says:
'On the development of research and production of hydrocarbons "my stress to all parties in this field is to have a rational and scientific approach to individual cases and do not take dogmatic and irrational" he said Monday the economic development minister. ...'

[r4282] 04/6/2013 11:40

http://www.rigzone.com/news/oil_gas/a/126841/MOG_Joins_Exploration_of_Malta_Area_3

[kayha2] 03/6/2013 12:16

Another interview with Bill Higgs here:
http://www.brrmedia.co.uk/event/112297/dr-bill-higgs-chief-executive