The guru was wrong!

Dear Mr. Tom Bulford and friends, despite your arrogance in thinking you could outsmart us all, I guess this was not a wise investment on your part!

Ombrina will never go through.

Never!

We simply will not allow it. Perhaps the UK press does not report this, but Italians are adamantly against offshore drilling.

And yes, you think that Passera is pro-drilling, but you see, he was not elected and will not be able to lift the ban without huge political consequences.

I myself went to testify to the Italian Senate about the dangers of offshore drilling - they were considering lifting it, but they did not succeed.

It is too much of a political hot button, and they can't touch it: at this time, despite the British know it alls, who really know nothing about Italy, lifting the ban would be equivalent to political suicide in Italy.

So dump all of your stock and let MOG and Ombrina Mare rest in peace.

Let Sergio Morandi, Mr Wise Guy Tom Bulford and whoever was foolish enough
to put their money into MOG, cry their tears.

This is what you get for thinking that money trumps over people.

And, by the way, neither Northern Petroleum nor Petroceltic will get their way, I promise you.

So just take what's left of your money AND DISAPPEAR!!!!!

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The guru, Tom Bulford one year ago:

The ban on offshore oil development looks like an instant, panicky reaction to a popular news story rather than a considered reaction that took account of Italy’s energy needs and industrial policy – already the USA has started to repeal its ban on offshore drilling.

But aside from following the lead of the USA there is another very good reason why Italy might be keen to revise its rules, allowing Ombrina Mare to go ahead. This is that Italy has traditionally depended quite heavily upon supply of oil from Libya. ENI is the biggest foreign oil producer in Libya, and has relied upon its operations here for 15% of its output.

Recently, ENI reported an 8.6% drop in production in the first quarter and said that its production for 2011 as a whole will be down because of the situation in Libya.

Faced with this strategic dilemma the Italian government may well backtrack on its offshore drilling ban. In any case, it somehow seems unlikely to me that 40m barrels of oil, lying a few miles offshore, will simply go to waste.

Red Hot Verdict: Mediterranean Oil & Gas is at a low point in its history, but its troubles are more to do with finance than with its assets and operations. The financial restructuring has swept away the dark clouds of possible bankruptcy, while a lifting of the ban on Ombrina Mare would transform the picture. With a target of 30p and a potential return of 176%, BUY UP TO 12p.
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The guru, Tom Bulford today, April 2012:




Red Hot Penny Shares made a 48% loss…

We bought into Mediterranean Oil & Gas on the basis that the Italian Government might lift its off-shore drilling ban, which would allow Mediterranean Oil & Gas to develop its Ombrina Mare permit. The new Italian Government has had time to look at this issue, but there is no indication that it will lift the ban. It may yet happen, but MOG has been in the portfolio for almost a year and we cannot wait forever. SELL

Victory at Bomba

Mr Craig Clark, CEO of the Forest Oil Corporation

Mr Giorgio Mazzenga, of the Forest Oil Corporation, Italy

 GIVE IT UP!

Citizens of a small town in Abruzzo, Italy win big in environmental governing body's decision against proposed gas extraction that would pollute pristine region's land, water, and air.

 

(1888PressRelease) April 13, 2012 - The people of Abruzzo, Italy have once again scored a giant victory in their David versus Goliath fight against Denver-based oil giant Forest Oil Corporation, in their quest to protect one of Europe's most biodiverse regions.

On April 10th, 2012, the Commission for Environmental Impact Evaluation in Abruzzo, headed by Mr. Antonio Sorgi, unanimously rejected gas drilling and refining plans as proposed by the Forest Oil Corporation, headed by CEO Craig Clark, after a prolonged awareness campaign involving residents and activists.

According to public documents, the American oil giant had begun considering drilling a first cluster of five gas wells, a refinery, and multiple waste pits back in 2008. The company had anticipated extracting a total of at least 50 billion cubic feet of natural gas containing high levels of hydrogen sulfide to be refined 200 meters from the nearest residence in Bomba, Abruzzo, population 900.

Bomba sits along the banks of a popular recreational lake by the Parco Nazionale della Majella, a scenic national park that draws local and international visitors due its pristine environment and breathtaking views. Its economy is largely driven by agriculture and tourism.

Residents reacted strongly to drilling plans and uncovered Forest Oil Corporation's reports, according to which drilling could pose severe hydro-geological risks to a highly unstable, seismic area prone to subsidence and landslides. The project also called for the emission of pollutants from the refinery exceeding Italian legal limits, which would permeate the town center.
Official statements in opposition to drilling by the Forest Oil Corporation were filed by nineteen municipalities in the area, the Province of Chieti, the Catholic Church, the World Wildlife Federation, the Union of Merchants and Tourist Operators, and dozens of local organizations as well as the heirs of American author John Fante.

In a last-ditch effort to gather public support, executives from the Forest Oil Corporation visited Bomba in August 2011. They were confronted with incensed residents, who asked cogent questions that the Forest Oil executives were incapable of addressing. Later, the company stated that it was the first time in their 95-year history that they had received such informed and firm opposition from a local population.

The campaign to save Bomba is part of an ongoing effort to save Abruzzo, Europe's green heart, from turning into a giant oil field. The campaign has been largely coordinated by Professor Maria Rita D'Orsogna, a California resident with origins in Abruzzo. In the past five years, this international activism has led to the rejection of another oil field and refinery in Ortona, sponsored by Italian oil giant ENI, and of the Ombrina Mare oil rig proposed by Mediterranean Oil and Gas of London.

In a brazen act of defiance against Italian officials and the unanimous will of local population, the Forest Oil Corporation of Denver plans to appeal.