Member Info for GaryMegson

Opps ran out of characters. Here is the mssing part.. (a) unsatisfactory in itself and (b) likely to cause difficulties in the farm out process if not resolved’. • MOG’s defence states LGO’s ‘only interest was in exiting the project without incurring further costs.’ …’They refused an invitation to attend a meeting of the joint operating committee to discuss the analysis of the 3D Offset Seismic Data survey on 27th July. They had been looking to exit the project for several months and decided to sell out rather than pay their bills’. Much to chew on. Me, M'Lud Methings they do protest too much, but would be grateful for the opinion of some of the legal beagles amongst our ranks.

Off iii (Ebba Hoapfull) For the meagre cost of £20 you can obtain, as I did, via the Bloomberg Court Service copies of the LGO claim and MOG defence which are public domain documents. Considering the damage to my worldly wealth of LGO’s claim and associated loud noises this seemed affordable, and provided for a pleasing afternoon of commuting. I highly recommend the same to fellow MOG & LGO shareholders, who can then opine on hilaal's question. A number of interesting points emerged before I fell into a sound slumber:- • Both parties clearly had their minds fully focussed on the risk of ending up paying a $5mn penalty plus any unspent agreed exploration expenditure to the Malta Govt if they were not to drill a well to > 2,500m on or before 13/1/13, with LGO share being a minimum of $500,000. • LGO’s claim appears to focus exclusively on a single telephone call between Higgs& Ritson on 10th July 2012. MOG’s defence covers the ‘Farmout’ period 2010 to 2012 in some detail. • From ‘late 2011 onwards’ LGO ‘repeatedly failed to comply with their payment obligations under the JoA’ and in December 2011 Ritson ‘indicated that LGO did not have funds to pay more than $100,000 of the amount due and was not willing to make any further funds available because the Area 4 PSC was “outside its core strategy”’. • On 1st February 2012 LGO advised MOG that it was seeking a buyer for its 10% stake, and offered to settle the outstanding debt to MOG ‘by transferring its entire interest in the area 4C to MOG’. Which offer MOG turned down; ‘Dr Morandi responded on 7th February rejecting the offer and demanding payment of the sums due’. • After further bills remained unpaid ‘LGO was accordingly, with effect from 1st June 2012, a “Defaulting Party” under Clause 8 of the JoA’ • On 18 April 2012 LGO advised MOG that it has received an offer from Zeus Energy for its interest but such offer was subject to the Malta Govt granting an extension to the well deadline. • MOG had been seeking Farm-in partners since 2010, with Stellar managing the process, with a data room open in Rome. MOG served formal notice of its ‘intention to divest itself of a 75% share of its participating interest on 16th February 2011’. • The Farm-in process having been unsuccessful, MOG asked Stellar in April 2012 to prepare to remarket the opportunity ‘making use of new 3D seismic data’. The data was sent to 86 oil companies on 6 July and a 2nd data room was opened in London in the week of 11 July. It was then that Higgs rang Ritson to appraise him of progress, and ‘Most importantly, attempt to find a way to resolve the issue of LGO’s repeated and continuing failure to pay its share of expenses, which was (a) unsatisfactory in itself and (b) like

RNS Number : 9609Y Mediterranean Oil & Gas Plc 01 March 2013 1(st) March 2013 Mediterranean Oil & Gas Plc ("the Company", or "MOG") Completion of Sale Transaction with Genel Energy plc Malta Offshore Area 4 Mediterranean Oil & Gas Plc (AIM: MOG) is pleased to announce that it has successfully completed the sale of 75% of MOG's shareholding in its wholly owned subsidiary, Phoenicia Energy Company Ltd ("PECL"), to Genel Energy plc ("Genel"). PECL owns the rights to exploration activity in Malta Offshore Area 4. Under the terms of the sale agreement Genel has acquired MOG's 75% interest for the following consideration: Ø An immediate cash payment of US$10 million; Ø 100% carry of the cost for the first exploration well Hagar Qim 1, planned to be drilled to a minimum depth of 2,500 metres; Ø 100% carry of the cost for the second exploration well up to a maximum of US$30 million gross expenditure; Ø At MOG's option, should the costs of the second well exceed US$30 million, Genel will provide a financing arrangement to fund MOG's 25% share of any additional expenditure, at an interest rate equivalent to 3 Month Libor plus 400 bps. Dr. Bill Higgs, Chief Executive of Mediterranean Oil & Gas, commented: "We are very pleased to have completed this transaction with Genel. This enables PECL to progress with the preparation for the drilling of the MOG operated Hagar Qim 1 exploration well offshore Malta, planned for late 2013."

Looks like just gap filling could see just below10.75 before it moves on but waht do i know!!!

22nd February 2013 Mediterranean Oil & Gas Plc ("the Company", or "MOG") Positive Ruling on Ombrina Mare's Environmental Impact Assessment "EIA" Mediterranean Oil & Gas Plc (AIM: MOG) is pleased to note the official website of the Italian Ministry of Environment indicates that the EIA Commission, charged by the Ministry to rule on the Ombrina Mare oil and gas field development EIA, has ruled positively in favour of MOG's submission. This represents a significant step towards the final approval, by Ministerial Decree, of the Ombrina Mare EIA that was submitted by the Company in support of the application for the award of a Production Concession in 2009. Once the EIA Decree is countersigned by the Minister of Environment and the Minister of Heritage and Cultural Activities, MOG will be able to seek award of the d30 BC MD Ombrina Mare Production Concession from the Ministry of Economic Development. The Ministry has already granted technical approval of the Field Development Plan for Ombrina Mare in June 2009. Award of the Production Concession will enable the Company to progress the development of the Ombrina Mare oil and gas field, which will start with the drilling of a pilot development well. Dr. Bill Higgs, Chief Executive of Mediterranean Oil and Gas, commented: "We are very pleased to hear that the EIA Commission has ruled positively in favour of our EIA for Ombrina Mare. This supports

I can only assume its all about future expediture on these assets so money can be spent elsewhere i.e aglavizza. So we lose 1.4bcf and add around 1bcf. The money they are paying out would have had to be spent at some point on the plugging anyhow. I'm sitting tight for now hopefully I wont regret it!! Good Luck on picking the right time to buy back in.

I think he must be referring to this. RNS Number : 6128L Mediterranean Oil & Gas Plc 06 September 2012  6th September 2012 Mediterranean Oil & Gas Plc ("the Company", or "MOG") Divestment of non-core exploration and production gas assets, onshore Italy The Board of Mediterranean Oil and Gas Plc (AIM: MOG) is pleased to announce that the Company, through its subsidiaries, Medoilgas Italia SpA and Medoilgas Civita Limited, has entered into a sale and purchase agreement with Canoel International Energy Limited (TSXV:CIL) ("CIL"), to transfer to CIL and/or its nominated subsidiary, MOG's entire working interest in the following 13 non-core exploration and production gas assets onshore Italy (the "Assets"): MOG operated onshore gas production concessions: · Masseria Grottavecchia (WI 20%) · San Teodoro (WI 100%) · Torrente Cigno (WI 45%) · Misano Adriatico (WI 100%) · Sant'Andrea (WI 40%) · Masseria Petrilli (WI 50%) Non-operated onshore gas production concessions: · Masseria Acquasalsa (WI 8.8%) · Lucera (WI 13.6%) · San Mauro (WI 18%) MOG operated gas exploration permit: · Montalbano (WI 57.15%) Exploration permit applications: · Serra dei Gatti (WI 100%) · Villa Carbone (WI 50%) · Colle dei Nidi (WI 25%) (together, the "Transaction") The proposed Transaction follows the MOG Board's decision to rationalise the Company's current onshore Italy portfolio by divesting gas production concessions and exploration permits that are no longer considered to be strategic for the growth of the Company's future gas production. The 2P gas reserves, which are to be divested as part of the Transaction, amount to 1.4 Bcf, representing 7.5% of MOG's total 2P gas reserves of 18.4 Bcf. The corresponding gas production that is to be divested is currently 13,800 m3/day, representing approximately 6% of MOG's revenues. Under the terms of the Sale and Purchase Agreement, on Completion: · CIL will pay to MOG the sum of €100 as consideration for the acquisition of the Company's working interests held in the Assets; · CIL agrees to assume the liability for all future plug, abandonment and site remediation costs associated with the Assets; · MOG will pay €1,250,000 to CIL as a partial contribution towards the future plug, abandonment and site remediation costs for the Assets; · MOG will credit CIL the revenue MOG received from the Assets during the period between the Effective Date of 24th August 2012 and the Completion Date (the "Interim Period"), net of allowable operating costs and agreed capital expenditure associated with the Assets and incurred by MOG during the Interim Period. Comp

Nothing to see here... Is Seymour still offloading these!!...watch the delayed trades if your bored enough.... Still holding, top-up sub 10p if it gets there.

Could this be due to them presenting again!! http://www.medoilgas.com/investor-relations/presentations/index.html

Time of year i think. No doubt we still have a seller but i topped up myself £2k earlier this week. Operations update should be in Jan... Merry Christmas

21st December 2012 Mediterranean Oil & Gas Plc ("the Company", or "MOG") Malta Offshore Area 4 Key contracts signed with Genel Energy Plc Mediterranean Oil & Gas Plc (AIM: MOG) is pleased to announce that it has signed the two key contracts with Genel Energy Plc ("Genel") that enable Genel's acquisition of a 75% working interest in MOG's wholly owned subsidiary, Phoenicia Energy Company Limited ("PECL"). This follows the Government of Malta granting a one year extension to January 2014 of the first exploration phase of the Production Sharing Contract ("PSC") for Malta Offshore Area 4. 1: Share Sale Agreement The Share Sale Agreement will result in Genel acquiring 75% of the issued share capital of PECL on completion of the transaction (the "Transaction") for the following consideration: · US$10 million cash payment; · 100% carry on the first exploration well, and a 100% carry on the second exploration well up to US$30 million gross expenditure; · At MOG's option, should the costs of the second well exceed US$30 million, Genel will provide a financing arrangement to fund MOG's 25% share of any additional expenditure, at an interest rate equivalent to 3 Month Libor plus 400 bps. · MOG will remain operator via an Operations Service Agreement with PECL until completion of the first exploration well, at which time Genel can elect to become the operator, or at such later date as the parties may agree. 2: Shareholders' Agreement The Shareholders' Agreement, also entered into today, governs the operation of PECL in relation to its execution of the PSC and the rights and obligations of the shareholders. Completion of the Transaction is expected to occur in early 2013. Dr. Bill Higgs, Chief Executive of Mediterranean Oil and Gas, commented: "The signing of these two key contracts cements the relationship between MOG and Genel for the exploration of Area 4 in Malta and delivers on the Company's key objectives regarding its Malta licence. Plans for the start of drilling of the first exploration well are progressing such that we will be able to test the first Eocene Prospect with the drill bit by the end of 2013. We intend to start awarding drilling related contracts early in the New Year, including contracting of a drilling rig for the operations. We are excited to be leading this new phase of exploration activity offshore Malta."

This extension is a requirement for Genel to farm in so looking good imho.

P.S I'm just glad the Malta and Ombrina Mare news hadnt come yet as it would of got sold into by Stark nd Seymour knocking the price back lets hope its one buyer who has picked up some 30million shares.

My first thoughts where once Seymour left the company he would be off loading his shares anyway (maybe not all of them but who knows!). Most likely his where being sold between last thursday and monday. I think we will only see any holding announcement once the buyer(s) have finished i dont know the exact time limit on when you should announce a holding but have seem some reported 1-2 months later!! I'm also holding as can't really see much downside from here after watching £10k profit disappear. Good Luck

Seymour off loading some of his....maybe all we will have to wait and see..zzzzzzZZZZZZ

Website is never in sync with RNS's. As for Stark. July 2012 Investors were informed last month that Stark Investment's multistrategy hedge funds will be closed. But the firm, founded in 1988 and one of the oldest hedge fund managers around, is still in business in St. Francis, Wis. Total assets are estimated to be less than $1 billion, down from a peak of $13.6 billion as of Aug. 31, 2007. Its head count is down to 120 people, 300 fewer than in 2007, and those employees now are focused solely on managing funds in Stark's legacy core strength — credit-related investments

Confirmation that Stark is now out... whos in????

All, do you know you can now have a threaded view so you can reply to posts instead of adding a new post!! Scroll down to the bottom of the screen and click the Thread View icon on the right. GM

Probably Stark selling the last of there holdings but who too!! We will have to wait and see. Not sure about the trades it doesn't how like that on moneyam

Whoever wants out/in is getting to do so today.. news soon imho