Trevisan (exec director) leaves

7th Oct '09 by doverbeach

3 comments 2195 reads

RNS slipped out after hours yesterday: http://www.investegate.co.uk/Article.aspx?id=200910061732203509A

The Board of Mediterranean Oil & Gas Plc (AIM: MOG) announces that Mr. Anthony Trevisan, Director, has resigned from the Board of directors of the Company with effect from 7 October 2009, to focus on other existing commitments.

Here is an extract from my AGM write up in Jan this year:

But from the body language, the guy that runs the company is AT. From the web-site [this has already been removed!] : "As a founding director and shareholder of Mediterranean Oil & Gas, Mr. Trevisan was responsible for acquiring the Italian, Tunisian and Maltese assets and the Company’s IPO. He has over 20 years' corporate experience in financing, M&A and the restructuring of industrial, petroleum and mineral resources companies, including the establishment from start up of substantial operating businesses, public offerings and the listing of companies valued at over $1 bn."

Directors holdings and other large holders:

MB-F 0.87%
AT 5.4%
PC 0.51%

The recent Tristone note gave Insider ownership as 21.6%. From a remark at the AGM, the unexplained part of this is the hands of family members and trusts associated with AT.

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Sergio Morandi, the Company's CEO, stated:

"Guendalina and Ombrina Mare continue to produce excellent milestones that are
propelling us towards our goal of becoming a medium sized oil and gas producer.
In addition, the expected award by year-end 2009 of the Guendalina production
concession allows the Company to consolidate the development timetable and the
forecast start-up of field production. The field's gas production will allow MOG
to triple its current annual rate of net gas production.

The submission of the Environmental Impact Assessment Statement for the Ombrina
Mare field just five months after receipt of technical approval of the Field
Development Plan represents another operational success for the Company and
again confirms MOG's technical and operational ability to progress this
significant project on schedule.

The commencement of development works at the Anzano gas field demonstrates
management's focus on enhancing production from its existing portfolio of
onshore concessions and the optimal utilisation of existing gas production
plants and other infrastructure.

The ongoing rationalisation of the Company's exploration portfolio is designed
to ensure that MOG's capital and technical expertise is directed primarily
towards its key projects and forms part of management's ongoing cost reduction
efforts."

doverbeach

7th Oct '09

interesting post by ghhghh on advfn here http://www.advfn.com/cmn/fbb/thread.php3?id=15489383&from=4384

it seems likely that Tony on the pro takeover camp and therefore his position became untenable if he was to actively promote a takeover.

He may have pledged his shares to the possible buyer and might now be advising them.

All guesswork.

If so Stark are Kingmaker.

I don't normally bother much with advfn speculation of this sort, but ghhghh is Paul Curtis, who has a notifiable stake in MOG

2nd Dec '09

The plot thickens... today's RNS: http://www.investegate.co.uk/Article.aspx?id=200912021504154835D

On 1 December 2009 the Company received notification that, on 1 December 2009, AAT Holdings Limited had acquired 5,870,987 ordinary shares in the Company. As at 1 December 2009, AAT Holdings Limited had an interest over 6,520,987 ordinary shares in the Company, representing 16.7% of the total voting rights attached to the issued ordinary share capital of the Company consisting of 5,870,987 ordinary shares , bonds convertible into 325,000 ordinary shares at 40 pence per share and warrants convertible into 325,000 ordinary shares at 45 pence per share.

Now, as pointed out on advfn (thanks to WealthTransfer) AAT holdings is either Anthony Trevisan, or someone pretending to be him...

Interesting times ... shares closed 6% up, having down before the RNS.

monkeynuts

4th Dec '09

Still, today's operational update seems reasonably upbeat - http://www.stockopedia.com/news/announcement/MOG/091204mog000312.htm

Trevisan (exec director) leaves

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Doverbeach

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