Completion of Transaction with Genel Energy plc

1st March 2013

Mediterranean Oil & Gas Plc

("the Company", or "MOG")

Completion of Sale Transaction with Genel Energy plc

Malta Offshore Area 4

Mediterranean Oil & Gas Plc (AIM: MOG) is pleased to announce that it has successfully completed the sale of 75% of MOG's shareholding in its wholly owned subsidiary, Phoenicia Energy Company Ltd ("PECL"), to Genel Energy plc ("Genel"). PECL owns the rights to exploration activity in Malta Offshore Area 4.

Under the terms of the sale agreement Genel has acquired MOG's 75% interest for the following consideration:

Ø An immediate cash payment of US$10 million;

Ø 100% carry of the cost for the first exploration well Hagar Qim 1, planned to be drilled to a minimum depth of 2,500 metres;

Ø 100% carry of the cost for the second exploration well up to a maximum of US$30 million gross expenditure;

Ø At MOG's option, should the costs of the second well exceed US$30 million, Genel will provide a financing arrangement to fund MOG's 25% share of any additional expenditure, at an interest rate equivalent to 3 Month Libor plus 400 bps.

Dr. Bill Higgs, Chief Executive of Mediterranean Oil & Gas, commented:

"We are very pleased to have completed this transaction with Genel. This enables PECL to progress with the preparation for the drilling of the MOG operated Hagar Qim 1 exploration well offshore Malta, planned for late 2013."

QUALIFIED PERSON

In accordance with the guidelines of the AIM Market of the London Stock Exchange, Dr Bill Higgs, Chief Executive of Mediterranean Oil & Gas Plc, a geologist, explorationist and reservoir manager with over 23 years oil and gas industry experience, is the qualified person as defined in the London Stock Exchange's Guidance Note for Mining and Oil and Gas companies, who has reviewed and approved the technical information contained in this announcement.

ENQUIRIES:

Mediterranean Oil & Gas Plc

www.medoilgas.com

Bill Higgs, Chief Executive/Chris Kelsall, Finance Director Tel: +44 (0)203 178 5806

Liberum Capital Limited (Nominated Adviser and Broker)

Clayton Bush/Ryan de Franck Tel: +44 (0)20 3100 2222

FTI Consulting (Public Relations)

Billy Clegg/Alex Beagley/Georgia Mann Tel: +44 (0)207 831 3113