Mediterranean Set to Spud Sidetrack at Cupoloni 2

Intergas Piu srl (IGP), the wholly owned Italian subsidiary of Mediterranean Oil & Gas Plc, has mobilized a rig that is currently onsite to drill the Cupoloni 2 DIR A updip sidetrack well in the Basilicata region, onshore southern Italy. IGP expects to spud the well on or about May 7, 2007.

The Cupoloni 2 DIR A well will target newly identified updip gas sand levels in the Cupoloni gas field on the Company's 100% owned Scanzano production concession.

In MOG's Competent Person's Report contained in its Admission Document, RPS Energy previously estimated that the Cupoloni gas field had (100% basis) best estimate contingent gas resources of 39 Mscm and high estimate contingent gas resources of 58 Mscm contained in the structural culmination between the Cupoloni-1 and Cupoloni-5 wells.

IGP recently re-interpreted the available seismic dataset and the results of the previously drilled production wells relating to the Cupoloni gas field. The re-interpretation results identified the presence of several untested updip gas sand levels with an expected structural culmination about 60 meters updip from the previously proven top of the gas field which was assessed by RPS.

Based on the re-interpretation, MOG has updated the resources estimate for the updip portion of the Cupoloni gas field (100% basis) including the newly identified increased area of the culmination to best estimate GIIP of 292 Mscm, best estimate contingent gas resources now 160 Mscm and high estimate contingent gas resources increased to 204 Mscm.

Two additional similar untested structural culminations have also been identified close to the Cupoloni gas field area. These structures, denominated "B" and "C", are estimated to hold best estimate GIIP of 192 Mscm and 269 Mscm, respectively.

The Cupoloni field was discovered in 1990, it is located in Basilicata in the province of Matera. The field comprises a series of stacked gas pools within Pliocene turbiditic sandstones. The structure is a low-relief domal feature with a faulted closure to the southwest, and a stratigraphic pinchout into dip to the north. The field was developed with a total of five wells that drained six of the seven known gas-bearing pools.

Production commenced in December 1992 and the field was shut-in in April 2003, at which point cumulative production was 398 Mscm. The field produced at up to 300,000 scm/d in August 1996 and produced gas was 99% methane with no condensate. The field stopped production in April 2003 due to water production. Cupoloni field was started up again by MOG in September 2006 and is currently producing at low flow rate because the last producing well is located close to the gas-water contact.

Gas from the field flows to the Gas Plus Italiana Metaponto gas treatment plant, which is connected to the Italian main pipeline network.


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