Mediterranean Oil & Gas PLC (MOG.LN), a central Mediterranean producer, developer and explorer of oil and gas assets, said Monday it has made a solid start to 2012 having delivered reliable cash flow from its producing assets in Italy, and acquiring the seismic data required to evaluate prospective resources offshore Malta.

MAIN FACTS:

-Production from the Guendalina gas field for the first quarter achieved an average gross production (100% basis) of 580,000 scm/day, in line with the Company's expectations.

-This represents net production by the Company of 116,000 scm/day (MOG interest 20%) and yielded revenue of EUR4.0 million for the first quarter.

-The processing by Fugro-Geoteam Pty Ltd of 1,012 square kilometers of the newly acquired 3D seismic survey data from exploration Area 4 offshore Malta is complete.

-Interpretation of this data will be carried out by Mediterranean Oil & Gas and by ERC Equipoise Ltd, the selected Independent Competent Person, with the results expected early in the 3Q.

-As a result of the strong revenues from Guendalina and onshore gas assets, the Company proposes to immediately repay EUR2.0 million previously drawn by the company in February under the short term secured loan facility entered into with affiliated investment funds of Och-Ziff Capital Management Group.

-Following the repayment, the Company will have no debt outstanding.

-Shares closed Friday at 6 pence, valuing the company at GBP25.2 million.

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