MOG Secures Funds for Exploration Offshore Malta

MOG Secures Funds for Exploration Offshore Malta

Mediterranean Oil & Gas Plc, the central Mediterranean focused producer, developer and explorer of oil and gas assets, announces that it has drawn down EUR2.0m under the short term secured loan facility of up to EUR3.5m with affiliated investment funds of Och-Ziff Capital Management Group.

As previously notified, the proceeds of the Loan will assist the Company in funding the acquisition and processing of the 3D seismic exploration data, in relation to its licence commitment at Malta, Offshore Area 4.

On November 14, 2011, the company entered into a contract with Fugro-Geoteam Pty Ltd (“Fugro-Geoteam”), for the the acquisition of 1,000 square kilometers of long offset 3D seismic exploration data at Area 4 Offshore Malta. Fugro-Geoteam’s vessel, R/V Geo Barents completed the acquisition  on 14th December 2011.

Offshore Energy Today Staff, February 7, 2012; Image: Fugro

 

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