Mediterranean Mobilizes Rigs for Exploration

On the appraisal well Ombrina Mare 2 offshore Italy, the Galloway Jackup drilling platform is due to commence mobilization to the well site in approximately 3 weeks. The Ombrina Mare appraisal spud date is expected to be at the end of February 2008. The rig operator advises that the short delay of approximately 2 weeks was due to extended operations on its current engagement. Mediterranean serves as operator of the project with 100% interest.

On the exploration well Monte Grosso in Italy, due to the extension of long production tests on its current assignment mobilization of the EMSCO C3 Rig has been delayed. More details will follow when they become available from the rig operator. Mediterranean serves as operator of the project with 23% interest.

On the exploration well Masseria De Palma 1 in Italy, an exploration well has been confirmed for Q2 2008. The target is the Pliocene gas sands, and the forecast target depth is 1,400 meters. Lucera Production Concession – Gas Plus Italiana serves as operator, and Mediterranean holds 13.6%.

On the exploration well Teboursouk 1 in Tunisia, the company has been advised by the Operator that CTF-Rig 06 commenced mobilization to the drill site on Jan. 27, 2008, and the well spud date is expected in mid-February 2008. Range serves as the operator, and Mediterranean holds 25% interest.