Italy-focused explorer Mediterranean Oil & Gas (MOG) has bid for three exploration and production (E&P) licences offshore Montenegro.
The joint bid with Energean Oil & Gas covers licences 4118/05, 4218/30 and 4118/10. If successful, Energean will be the operator with a 60% working interest.
MOG is hoping to develop reserves of similar characteristics as its producing Italian assets due to the proximity of the two areas.
Energean currently holds a total of six E&P licences and is the only operator of hydrocarbon fields in Greece.
It has produced more than 115million barrels of oil and 850million cubic metres of natural gas from the Prinos and South Kavala offshore fields.