The Board of Mediterranean Oil & Gas Plc (AIM: MOG), the central Mediterranean focused producer, developer and explorer of oil and gas assets, announces that its subsidiary Medoilgas Italia SpA ("the Company") has reached an agreement with Energetic SpA to terminate the existing gas purchase contract relating to the Company’s entire net gas production from the Guendalina gas field, on 31st March 2012.
At the same time, the Company has signed a gas sales contract with Repower Italia SpA ("Repower") relating to the Company’s entire net gas production from the Guendalina gas field, effective from 1st April 2012. This follows the recently signed contract with Repower relating to the Company’s entire net gas production from the same field for one ‘thermal’ year, commencing from 1st October 2012 and ending on 31st September 2013.
Source: Mediterranean Oil & Gas
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