22 March, 2012

Mediterranean Oil & Gas Plc

("MOG")

Italy - Guendalina Gas Field (MOG interest 20%; ENI 80% and Operator)

Gas Sale Contract

The Board of Mediterranean Oil & Gas Plc (AIM: MOG), the central Mediterranean focused producer, developer and explorer of oil and gas assets, announces that its subsidiary Medoilgas Italia SpA ("the Company") has reached an agreement with Energetic SpA to terminate the existing gas purchase contract relating to the Company's entire net gas production from the Guendalina gas field, on 31^st March 2012.

At the same time, the Company has signed a gas sales contract with Repower Italia SpA ("Repower") relating to the Company's entire net gas production from the Guendalina gas field, effective from 1^st April 2012. This follows the recently signed contract with Repower relating to the Company's entire net gas production from the same field for one 'thermal' year, commencing from 1^st October 2012 and ending on 31^st September 2013.

ENQUIRIES:

Mediterranean Oil & Gas Plc

www.medoilgas.com

Keith Henry, Chairman                                                               Tel: +44 7860 499 628

Bill Higgs, CEO                                                                                Tel: +44 7531 731 857

Chris Kelsall, Finance Director                                                Tel: +44 789 1040 658

Panmure Gordon

Katherine Roe                                                                                Tel: +44 (0)207 459 3600

Brett Jacobs                                                                                    

GMP Securities Europe LLP                                                        

Nick Morgan                                                                                    Tel: +44 (0)207 647 2800

Pelham Bell Pottinger                                                

Archie Berens                                                                                 Tel: +44 (0)207 861 3112 / (0)7802 442 486