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LIVE

Sunday, 07 September, 2008, 04:00 GMT | more prices >>

MOG ready for Italian job

By Upstream staff

London-listed junior Mediterranean Oil & Gas (MOG) has won a 40% stake in a new Italian exploration permit, Torrente La Vella.

MOG said it was taking the stake via its Intergas Piu subsidiary. Torrente La Vella is an onshore permit and lies in southern Italy's Basilicata reion. It covers an area of 9.65 square kilometres.

It will form a joint venture with operator Edison, who holds 60% of the permit.

MOG said the joint venture is planning to re-process seismic data and, upon confirmation of an already identified prospect, drill one exploratory well for gas-bearing targets.

The permit is in the same area where IGP owns and operates the Monte Verdese, S. Teodoro and Scanzano production concessions and the Masseria Gaudella exploration permit.