Mediterranean Oil & Gas Plc said today that it has secured funding from Och-Ziff Capital Management Group for a specialist seismic survey in an area south of Malta known as Area 4.

The activity is expected to commence before the end of this month.

Sergio Morandi, Chief Operating Officer of Mediterranean Oil and Gas, commented: "We are extremely pleased to have arranged the necessary funding for undertaking 3D seismic exploration activity at Malta Offshore Area 4, and look forward to obtaining the results towards the end of Q1, 2012.

"Given the farm out of a part interest in the Licence did not complete earlier in the year due to factors beyond the company's control, and the company's obligation to acquire 1,000 sq km of 3D seismic data prior to January 18, 2012, entry into the Loan with Och Ziff enables the company to retain its 90% interest in the licence, while meeting its licence commitments.

This also preserves the company's flexibility to consider further options once the seismic acquisition program and associated data analysis has been completed. Malta Offshore Area 4 has some very large structures and the 3D seismic acquisition will, subject to receipt of positive results, enable us to devise a drilling campaign. We are also delighted by the significant support and commitment shown to us by Och Ziff.