Dear CIBC,
I came across your ad for the sale of Ombrina Mare by MOG. In your ad you FAIL to mention that Ombrina Mare has been declined environmental clearance from the Italian government on October 7th as reported by the Italian media.
I think this information should be disclosed to your investors, and to potential buyers.
This information is all over the Italian news and it is unethical for you not to disclose it.
Ombrina Mare was not approved and will not be developed under current legislation, since it sits well within the 5 mile no-drill zone designated by the Italian ministry of the environment.
Sincerely,
Maria R D'Orsogna
Newspaper reports 1
Newspaper reports 2
Newspaper reports 3
Newspaper reports 4
Newspaper reports 5
Tuesday, October 19, 2010
Monday, October 11, 2010
Ombrina Mare - RIP
Finally, after MOG declaring that it is close to being broke, another piece of great news.
Ombrina Mare has failed to get clearance from the Committee on Environmental Impact Reviews.
This means the drilling of Ombrina Mare has been officially denied by Italian authorities.
This means the drilling of Ombrina Mare has been officially denied by Italian authorities.
I never thought this would happen, given the level of corruption Italy is notorious for. But we hammered them and protested and wrote and marched as if there was no tomorrow, so that they HAD to stop this project. I am so proud of this victory. In principle, it was Ms. Prestigiacomo's ban that stopped Ombrina. I know it was because of opposition from us the people. Had we been complacent, the project would have gone forward. So kudos to all of us activists.
We will keep closely monitoring the situation, but for now, condolences to Mr. Sergio Morandi, to Mr. Micheal Bonte-Friedheim and to all of MOG's investors.
I had warned you that this was a loosing business investment.
Elsa and Petroceltic, you are next.
We will keep closely monitoring the situation, but for now, condolences to Mr. Sergio Morandi, to Mr. Micheal Bonte-Friedheim and to all of MOG's investors.
I had warned you that this was a loosing business investment.
Elsa and Petroceltic, you are next.
Tuesday, October 5, 2010
MOG is almost broke!
The news we have all been waiting for is finally here. Mediterranean Oil and Gas is counting its pennies!
The Abruzzo people recall the CEO Sergio Morandi going on TV in April 2010 telling us that they were going to start drilling in June. Instead, the hundreds of letters of opposition to the Ministry, the Gulf of Mexico oil spill, our protests and Ms. Prestigiacomo's ban on offshore drilling have stopped all of Morandi's grandiose dreams of turning a small oil company into a medium sized one, as MOG boasts on their internal documents and website.
On Spetember 30 2010 indeed MOG announced that it may
seek a sale of assets or the company if funding dries up in the wake of Italy's ban on near-shore drilling.
This is nice talk to tell their investors they are bankrupt and need to sell. This is also nice talk to say the people won, because the ban was imposed not only in response to the oil spill, but also because of so many protests, marches, letters, and communities rising in Abruzzo and Italy against offshore drilling so close to coast.
MOG lost about 5 million euros in six months, compared to 2.5 million in all of 2009.
Their revenue is halved. They claim their reserves from Ombrina Mare are double what they previously estimated but this is a moot point. Why?
Of course the chairman Michael Bonte-Friedheim is trying to gloss over the truth: he says that
the Italian decree in June banning exploration and production within five miles of the coast had resulted in uncertainty around development of the Ombrina Mare oil and gas field, the group's principal asset.
Sirs, it is not "uncertain", it is ILLEGAL. Do you understand what this means? You can't do it without breaking the law.
The press reports that MOG is experiencing a material adverse effect on its ability to access further funding. Of course, who would want to put their money into an outlawed operation that is also hated by virtually all local residents?
Who would be so foolish Mr. Morandi, Mr Bonte-Friedheim?
Come on, you certainly don't think that people are that stupid! I bet that you yourselves would not invest in such a loosing endeavor!
Count your losses and leave. We don't want you here. Thank you very much - now just disappear.
The Abruzzo people recall the CEO Sergio Morandi going on TV in April 2010 telling us that they were going to start drilling in June. Instead, the hundreds of letters of opposition to the Ministry, the Gulf of Mexico oil spill, our protests and Ms. Prestigiacomo's ban on offshore drilling have stopped all of Morandi's grandiose dreams of turning a small oil company into a medium sized one, as MOG boasts on their internal documents and website.
On Spetember 30 2010 indeed MOG announced that it may
seek a sale of assets or the company if funding dries up in the wake of Italy's ban on near-shore drilling.
This is nice talk to tell their investors they are bankrupt and need to sell. This is also nice talk to say the people won, because the ban was imposed not only in response to the oil spill, but also because of so many protests, marches, letters, and communities rising in Abruzzo and Italy against offshore drilling so close to coast.
MOG lost about 5 million euros in six months, compared to 2.5 million in all of 2009.
Their revenue is halved. They claim their reserves from Ombrina Mare are double what they previously estimated but this is a moot point. Why?
BECAUSE WE WILL NOT ALLOW DRILLING OUR WATERS, WHETHER IT IS MOG PETROCELTIC OR ANY OIL COMPANY.
JUST LEAVE US ALONE!
JUST LEAVE US ALONE!
Of course the chairman Michael Bonte-Friedheim is trying to gloss over the truth: he says that
the Italian decree in June banning exploration and production within five miles of the coast had resulted in uncertainty around development of the Ombrina Mare oil and gas field, the group's principal asset.
Sirs, it is not "uncertain", it is ILLEGAL. Do you understand what this means? You can't do it without breaking the law.
The press reports that MOG is experiencing a material adverse effect on its ability to access further funding. Of course, who would want to put their money into an outlawed operation that is also hated by virtually all local residents?
Who would be so foolish Mr. Morandi, Mr Bonte-Friedheim?
Come on, you certainly don't think that people are that stupid! I bet that you yourselves would not invest in such a loosing endeavor!
Count your losses and leave. We don't want you here. Thank you very much - now just disappear.
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