StockMarketWire.com - Mediterranean Oil & Gas Plc (AIM: MOG), the central Mediterranean producer, developer and explorer of oil and gas assets, is confident that it will be able to develop its Ombrina Mare field in Italy.

Following a session of the Senate of the Italian Parliament on Friday 3rd August 2012, Decree 83/2012 has now been approved and ratified in law by both houses of the Italian Parliament.

Details of Decree 83/2012 will be confirmed by the company following publication. However, based on comments in the Italian press, it is reported Decree 83/2012 has been converted into law such that the earlier restrictions of Decree 128/2010, as it related to MOG's offshore licences, will no longer apply.

This will enable MOG to seek award of a production concession covering the Ombrina Mare oil and gas field in the Central Adriatic based upon the application previously submitted by the company in December 2008. The company's existing production concession AC19.PI in the Northern Adriatic is also excluded from the restrictions of DLGS 128/2010. The company will provide an update on the plans for development once the production concession has been granted.

Dr. Bill Higgs, Chief Executive of Mediterranean Oil and Gas, commented: "This is very positive news and we are pleased the Italian Parliament has now approved and ratified in law Decree 83/2012. Once the full details of the Decree are published we look forward to being able to continue with the development of the Ombrina Mare field, a project that is of considerable strategic importance to the company and that will be a very positive contributor to the Italian economy."




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