Share Name Share Symbol Market Type Share ISIN Share Description
Mediterranean Oil & Gas LSE:MOG London Ordinary Share GB00B0MZGF99 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 6.375p 0.00p 0.00p - - - 0 06:37:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 7.0 -4.6 -0.6 - 27.50

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Date Time Title Posts
08/8/201415:06Med Oil & Gas One to Watch!!7,538
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18/4/200606:24Mediterranean Oil & Gas - An E&P play with major potential147

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adam: Can buy now at 6.375, which seems parri passu with current RKH share price. I have seen figures of 10%, 12% and 20% for CoS on Hagar Qim The 20% CoS figure came from Tony Hayward (Genel) formerly BP CEO and the operator According to Tony Hayward of Genel Energy, the new well, which is Genel's first since the company was acquired by Hayward and other investors, including Nathaniel Rothschild, for over 2 billion U.S. dollars in 2011, is within an area with the potential for field sizes of at least 250 million oil barrels, he told local press here earlier. Hayward added that he sees a one in five chance of success in Malta.
adam: Syquant Capital Notable if you multiply the number of long MOG by 0.0172 you arrive at the number of RKH they are short (give or take) 7,300,000 1.69% (MOG long) 125,560 0.04& (RKH short) This is a simple cash arbitrage and they have removed the share element by selling forward the RKH shares. This might partly explain the weakness in RKH share price, as well as MOG being a "free option" on RKH as regards the contingent element of the offer. Could make some sense to go long RKH as the ratio is quite low to get exposure through MOG (i.e. 1m MOG would get you just 17k RKH). Would expect a bounce in RKH once short-selling and switchers finished
ohisay: If he believes that why not come up with a counter bid for MOG in excess of 6.5p which already factors that in (Malta 20% COS for 27mboe net).? Its odd that Bill Higgs at OilBarrel in March (2 months after they started talking to RKH)was saying that a Malta find would be worth 50p per share to MOG. (20 mins in) That works out at 13$ per barrel yet they are prepared to sell to RKH for 1$/barrel. The 13$ is plainly daft but why not 6$ to 7$ - say 4£ per barrel. Risking that at 20% gets you £22m or 5p per MOG share. Chucking in the cash and existing Italian assets and 9p/10p per share isn't out of the way for a Genel bid.. One of the reasons I bought more last week at 6.7p.
ohisay: FTA today. Westhouse says .... This is an interesting move, which might jolt some shareholders. RKH management must be hugely frustrated with the pace of progress in the Falklands and the strategic uncertainties around Premier Oil's management situation. RKH has c.$250m in the bank (and is effectively carried for its capex obligations on Sea Lion) and so I actually think is a reasonably sensible move. It is a small acquisition, but is cheap ($1.60/boe of 2P+2C resource) and gives RKH exposure to an increasingly interesting and prospective province (Mediterranean). RKH is the cheapest stock in our E&P coverage universe relative to core NAV (trading at a 68% discount). We maintain our recommendation and target price. Malcys comment I will write up the story in much more detail in the next few days but I have spoken to all sides in the deal and it appears to be good for both sides if that is possible. Although it would never have been what MOG wanted, I think that with all the recent problems on Guendalina which took their toll on the share price, and whilst not being short of cash they were not funded enough to put the scale of capital needed behind their biggest projects. Certainly Rockhopper can handle that side of it and they will be able to fund wells on Ombrina Mare and Monte Grosso to kick start the programme. The portfolio can be worked with this investment and more if needed but it wont affect Rockhopper's overall financing plans unless they beef it up a lot and that is at their option. I think that for a company looking to diversify from the Falklands like Rockhopper is this is quite a wise move and at $1 a barrel hardly expensive or an undue risk. With MOG's cash it will less that 5% of RKH's market cap, dilution is only 2.7% and is a good starter pack for a potential investment in the Mediterranean and North Africa. With the Malta well going down at the moment they have put nothing in the valuation for that and will compensate MOG shareholders if it comes in, so the risk that would have been quite substantial for them alone is mitigated. I had been to see Bill Higgs very recently and was, as you know about to write up the notes of my meeting. My conclusions were that for the next few weeks the shares would be at the mercy of the Malta well which, with only a 12% COS, might have played havoc with the share price. I had a target of 10p a share as I tried to mix my long-held concerns about the Italian regulatory morass with the potential in at least two of the assets in the portfolio. - See more at: I bought a few more MOG this morning - the extra cost to buy should be covered by some near term rerating in the RKH price which strikes me as being very undervalued - plus there's the possibiliity of that extra payout as well as a competing offer. Having bought recently at 4.3p I've nothing much to lose.
gurp: & also: In addition, under the terms of the Acquisition, MOG Shareholders will receive a contingent entitlement up to a maximum amount of 3.550 pence in cash for each MOG Share (the "Contingent Consideration Offer") .............. · The availability of the Contingent Consideration Offer, and the amount of cash which may ultimately be payable in connection therewith (the "Contingent Consideration"), will be determined by the success of an exploration well targeting the Hagar Qim prospect in Offshore Malta Area 4, Block 7 (the "HQ Prospect"). The Contingent Consideration Offer is intended to afford MOG Shareholders an opportunity to benefit from the potential success of the HQ Prospect.
bobobob5: hiddendepths: depending upon whether one sees it as a frontier basin or not, the Malta COS is perhaps in the 10% to 20% range? At Oilbarrel on Wednesday, MOG explained that their plan at OM (ignoring the environmental noises etc) is to do further flow-testing and appraisal drilling. That won't be particularly cheap. Clearly, if Malta were to come in (which of course it probably won't!) the share price would perk-up and it might arguably be possible to issue some paper and do that work sole-risk; it depends on the figures, but the dilution would presumably not be small. The other route would be to farm it down, thereby diluting the OM asset rather than the company...that's assuming that selling OM (perhaps retaining a GOR?) is excluded as a possibility. Perhaps there's some level of risk of doing more appraisal drilling at this stage, because it's OK if the result is positive, but an inconclusive result (which is always a possibility) or some sort of negative result might well move things backwards rather than forwards.
12bn: mdchand a good point,re share price here.I would expect an initial decent sized fall if they lose followed by a rebound in the share price If it drops low enough I might buy a few.
mdchand: mug, if LGO do win, I can't see any award being anymore than 10% of the fee MOG has received from Genel, plus legal costs (which may well be more than the 10% fee from MOG). That said, I do wonder how much of this is already reflected in MOGs share price and regardless of the outcome, whether MOG will start to rally simply as a result of the uncertainty surrounding the outcome being removed.
glyn10: Date : 12/04/2013 @ 07:00 Source : UK Regulatory (RNS & others) Stock : Med Oil & Gas (MOG) Quote : 9.5 0.25 (2.70%) @ 08:00 HOME » LSE » LSE » Mediterranean Oil & Gas share price Free Med Oil & Gas Annual Company Report Mediterranean Oil & Gas Plc Q1 Operational Update Share On Facebook Print Alert TIDMMOG RNS Number : 1925C Mediterranean Oil & Gas Plc 12 April 2013 12(th) April 2013 Mediterranean Oil & Gas Plc (the "Company" or "MOG") Q1 Operational Update The Board of Mediterranean Oil & Gas Plc (AIM: MOG) is pleased to announce the following operational update related to the Company's activities in Q1 2013: Highlights -- Significant progress with preparations for the Company's Q4 2013 drilling programme in Malta. o Completed sale of 75% of its shareholding in Phoenicia Energy Company Ltd ("PECL") to Genel Energy plc ("Genel"). o Service Order signed with AGR Well Management Limited ("AGR") for the provision of drilling engineering and rig procurement support for the drilling of the Hagar Qim 1 well. o Operational base in Malta due to open in May 2013. -- Positive ruling on MOG's submission of the Ombrina Mare Environmental Impact Assessment ("EIA") from the EIA Commission charged by the Ministry of Environment to rule on the oil and gas field development EIA. -- Following the above news on the EIA Commission ruling, MOG has commissioned ERC Equipoise Ltd to complete a Competent Persons Report ("CPR") on the reserves and resources at Ombrina Mare Field. -- Q1 2013 revenue of EUR3.05 million, an average realized price of EUR0.31 per scm. -- Q1 2013 net production of 9.9 million scm, representing an average net production of 110,000 scm per day. Well GUE-2ss, which accounts for c.30% of production in the Guendalina Field, shut-in since 5(th) March 2013 pending operations to determine the cause of the sudden change in operating conditions. -- Canoel International Energy Ltd ("Canoel") announced on 4th April 2013 that the government approval required for their purchase of MOG's non-core assets is progressing well. -- Medoilgas Italia SpA has signed and renewed a gas sales contract with Repower Italia SpA ("Repower") relating to the Company's entire net gas production from the Guendalina gas field for a period of one year until 30(th) September 2014. Dr. Bill Higgs, Chief Executive of Mediterranean Oil and Gas, commented: "We have had a busy start to what is going to be an important year for MOG as we gear up for the drilling programme in Malta in Q4 2013 and as Ombrina Mare appraisal drilling draws nearer. We are financially strong and continue to build our cash position from production." Malta: MOG continues to make significant progress with preparations for the Company's Q4 2013 drilling programme in Malta, following completion of the sale of 75% of its shareholding in PECL. The Service Order with AGR has been signed for the provision of drilling engineering and rig procurement support and our operational base in Malta is due to open in May as we work towards the drilling of the Hagar Qim 1 well in Q4 2013. Ombrina Mare: Given the recent positive progress from the Commission charged with ruling on the Ombrina Mare oil and gas field EIA, MOG has commissioned ERC Equipoise Ltd to complete a CPR for the reserves and resources in the Ombrina Mare Field. The CPR, due to be finalized in June, will provide an up-to-date estimate of reserves and resources ahead of the Company's plans to drill a pilot development well in the first half of 2014, subject to the Production Concession being awarded during Q3 2013, as currently estimated. Revenues: MOG's total revenue for Q1 2013 was EUR3.05 million, yielding an average realized price of EUR0.31 per scm. The revenue from Guendalina Field was EUR2.62 million, and for the onshore Italy gas fields was EUR434,000. Production: MOG's total net production for Q1 2013 was 9.9 million scm (equivalent to 0.35 billion scf, or 63 thousand boe). This represents average net production of 110,000 scm per day or 700 boepd for the first 3 months of 2013. The offshore Guendalina Field achieved net gas production (MOG 20% WI) of 8.51 million scm (equivalent to 0.30 billion scf or 54 thousand boe). This represents average net production of 94,580 scm per day or 601 boe per day in Q1 2013. Well GUE 2ss was taken offline on 5(th) March 2013 to determine the cause of an influx of water which resulted in the well ceasing production. Since being shut in, the pressure at the well head has continued to build indicating that gas production could be restarted at the well. MOG is working with the operator, ENI, to analyse the possible remedial work that can be undertaken to restart production. The Guendalina platform has limited deck space and access, therefore assistance from a barge will be required and the process is scheduled take a number of weeks to complete. Prior to the shutdown GUE 2ss accounted for approximately 30% of total production from Guendalina Field. The Company's onshore Italy gas fields achieved net production of 1.40 million scm (equivalent to 49.5 million scf or 9 thousand boe) in Q1 2013. This represents average net production to the Company of 15,570 scm per day or 99 boe per day for the first three months of the year. The production numbers excludes production from certain non-core onshore assets that the Company agreed to sell to Canoel. Canoel announced on 4th April 2013 that the external process required for the approval of their purchase of these assets is progressing well. Medoilgas Italia SpA has signed and renewed a gas sales contract with Repower relating to the Company's entire net gas production from the Guendalina gas field for a period of one year until 30 September 2014. QUALIFIED PERSON In accordance with the guidelines of the AIM Market of the London Stock Exchange, Dr Bill Higgs, Chief Executive Officer of Mediterranean Oil & Gas Plc, a geologist, explorationist and reservoir manager with over 23 years oil & gas industry experience, is the qualified person as defined in the London Stock Exchange's Guidance Note for Mining and Oil and Gas companies, who has reviewed and approved the technical information contained in this announcement. ENQUIRIES: Mediterranean Oil & Gas Plc Tel: +44 (0)203 178 5807 Bill Higgs, Chief Executive/Chris Kelsall, Finance Director Liberum Capital Limited (Nominated Tel: +44 (0)20 3100 Adviser and Joint Broker) 2222 Clayton Bush/Ryan de Franck/Tim Graham RBC Capital Markets (Joint Broker) Tel: +44 (0)207 653 Matthew Coakes/Jeremy Low /Jonny Hardy 4000 FTI Consulting (Public Relations) Tel: +44 (0)207 831 Billy Clegg/Alex Beagley/Georgia Mann 3113 Glossary -- scm: Standard cubic meter -- scf: Standard cubic feet This information is provided by RNS The company news service from the London Stock Exchange END MSCUAUUROWASAUR
ghhghh: Thanks Minty. FWIW I posted following on a couple of other Boards. I've just bt 75K at 39.5p and told no more at this price. There does seem to be seller though but at higher price. Canaccord the broker with access. Share price now back down to February level when they announced the doubling of 2P reserves at their principle asset, Ombrina Mare: We are extremely pleased with the updated certification of the proved and probable reserves at the Ombrina Mare oil and gas field. The increase in proved reserves to 12 MMbbls and 2P reserves to 40 MMbbls doubles the initial analysis and confirms the field's critical mass. The new oil reserve numbers establish the Ombrina Mare field as a significant European oil project and further confirm MOG's technical ability to operate and progress this important project. There is a new Presentation: Directors are credible/respected and claim nothing wrong with Ombrina. If so shares blindingly cheap - approx 40m shares undiluted gives £16m market cap. Add another 30m shares for diluted (at between 45p and 50p strike price) and get £28m market cap after raising circa £14m cash. What are 40m 2P barrels worth? It's off shore Italy and heavy oil (but not too bad at circa 18 to 19 API). Market is valuing OM at about $0.6 per barrel. MOG also has 20% of the Guendalina Gas (ENI 80%) but although a net positive I've written off against the bank finance secured on the project. Also MOG has 20% and operatorship of Monte Grosso, one of Europe's prime explo projects. Partners are ENI and Total. This is a possible company maker and MOG should be able to farm out their share, especially if offering valuable operatorship. The real wild card is extensive acreage off shore Malta. Again MOG seeking to farm out and have first drill target lined up - Tarxien, 115m to 210m barrels. I'm not holding my breath. Another possible bonus is their Northern Adriatic Gas Discoveries - 19 to 48 Bcfof Contingent Gas Resources net to MOG. Ready to move to P1+P2 reserves if the development of the above gas fields is authorized. Development contingent on resolution of certain environmental issues. Plus various small gas production assets so cash flow positive. So to sum up imo MOG share price bombed out thanks to investor fatigue. We have been waiting for so long for OM farm out/financing news that all but the most masochistic of us have sold out and moved on to faster profits. Interestingly the above Presentation states Engineering works to start sometime in June. Perhaps wishful thinking but I would have expected them to secure development partner and sort the finance first. I expect them to do a Sterling/Breagh type deal - sell say half and use the cash to facilitate bank loan. With the reserves upgrade concluded in Feb and with oil trading comfortably at $80 perhaps, after 18 month wait, we are finally close to funding.
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