Seabird to Conduct Offshore Malta Survey for Mediterranean



Mediterranean Oil & Gas Plc has executed a letter of award with Seabird Exploration's seismic surveying vessel M/V Geo Mariner for the acquisition of approximately 1,000 line kilometers of 2D seismic in Area 4 offshore Malta.

M/V Geo Mariner is expected to arrive in Malta on May 20, 2007.

This initial campaign will be primarily directed toward increasing the understanding of some of the large prospects in the area covered by the Exploration Study Agreement (ESA). The ESA covers blocks 4, 5, 6, and 7. The previously identified prospects at Hagar Qim, Skorba, and Tarxien, together with the newly identified prospects, particularly Luzzu, provide best-estimate prospective resources of 1.5BBstb and best estimate STOIIP of 5.7BBstb. High estimate STOIIP exceeds 14.0BBstb on the permit.

The offshore south of Malta is an under-explored petroleum province related to an extension of the offshore Libyan and Tunisian proven hydrocarbon provinces.

The Maltese authorities have approved the recently announced farmout agreement with Leni Gas & Oil PLC, which is now unconditional.

Under the terms of the agreement, Leni receives an entitlement to a full 20% interest in Area 4. In the event that a Production Sharing Contract is granted pursuant to provisions of the Maltese Exploration Study Agreement, Leni will have the right to further solely fund 80% of the first exploration well cost to increase its participating Interest in Area 4 to 50%; MOL would maintain a participating interest of 50% by funding 20% of the exploration well costs.

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