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Mediterranean Oil & Gas Plc Announces Completion Of Sale OF 75% In Phoenicia Energy Company Ltd To Genel Energy plc

Friday, 1 Mar 2013 02:00am EST 

Mediterranean Oil & Gas Plc announced 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: An immediate cash payment of USD10 million; 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; 100% carry of the cost for the second exploration well up to a maximum of USD30 million gross expenditure; At MOG's option, should the costs of the second well exceed USD30 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. 

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19 Sep 2014