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