The Board of Mediterranean Oil & Gas Plc has finalised an agreement with ENI and agreed a drilling window for an ENI contracted jack-up rig to drill an appraisal/development well on MOG’s 100% owned Ombrina Mare oil and gas discovery.

The rig is presently operating in the Adriatic Sea under contract with ENI and MOG has successfully negotiated a drilling window for the Ombrina Mare 2 well. The jack-up is expected to be mobilised end of 2007 for drilling to commence in January 2008.

The Ombrina Mare oil field is located seven kilometres from the Italian Adriatic coast in ca. 20 metres of water. The Ombrina Mare field and two satellite structures are entirely covered by permit BR 269GC which is 100% owned and operated by the MOG’s wholly owned subsidiary Intergas Piu (“IGP”).

The Ombrina Mare 1 discovery well resulted in oil production of 428stb/d during extended test. MOG anticipates, based on its field development plan for best estimate contingent resources, plateau rates of approximately 8,200stb/d. High-estimate contingent resources from the Ombrina Mare field would provide estimated peak production of 13,650 stb/d.

MOG has carried out an integrated geological and geophysical interpretation of the Ombrina Mare area from 3D seismic data and the results of the discovery well. MOG and its technical consultant RPS have prepared estimates of the contingent resources and oil in place in the two oil bearing levels within the Mio-Oligocene and Cretaceous carbonate reservoirs. Best estimate stock tank oil initially in place (“STOIIP”) amounts to 165.9 Million stock tank barrels (“MMstb”) and best estimate contingent resources to 27.5 MMstb.