Date: Wednesday 09 Jan 2013
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."
Top Director Buys
Mediterranean Oil & Gas (MOG)
Director name: Mr Keith Henry
Amount purchased: 250,000 @ 10.22p
Value: £25,550
Mediterranean Oil & Gas (MOG)
Director name: Dr. William George Higgs
Amount purchased: 200,000 @ 10.15p
Value: £20,300
Rolls-Royce Holdings (RR.)
Director name: Mr Peter John Byrom
Amount purchased: 1,897 @ 906.21p
Value: £17,191
Futura Medical (FUM)
Director name: Mr John M Clarke
Amount purchased: 20,405 @ 84.10p
Value: £17,161
Anglo American (AAL)
Director name: Mr Peter Woicke
Amount purchased: 908 @ 1,879.75p
Value: £17,068
Anglo American (AAL)
Director name: Mr Phuthuma F. Nhleko
Amount purchased: 739 @ 1,879.75p
Value: £13,891
Anglo American (AAL)
Director name: Ms Anne Stevens
Amount purchased: 711 @ 1,879.75p
Value: £13,365
office2office (OFF)
Director name: Mr Simon Moate
Amount purchased: 10,000 @ 100.00p
Value: £10,000
Top Director Sells
Kingfisher (KGF)
Director name: Mr Euan Sutherland
Amount sold: 45,292 @ 286.60p
Value: £129,807
CML Microsystems (CML)
Director name: Mr Nigel G Clark
Amount sold: 12,900 @ 395.00p
Value: £50,955
NR
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