MDL Medoil

RNS Number:0594L
MedOil PLC
26 October 2006

                                                                 26 OCTOBER 2006


                                   MEDOIL PLC

                          ("MedOil" or "the Company")

                        COMPLETION OF 3-D SEISMIC SURVEY


The Directors of MedOil plc, the oil and gas exploration company geographically
focused on southern Europe and North Africa, are pleased to announce that the
3-D seismic survey at its Louza Permit in Tunisia has now been completed within
budget.

The 3D seismic survey work programme was managed by strategic partner TGS-NOPEC
("TGS"), the international seismic acquisition and processing company. As a
result, the Company has now acquired in excess of 600 sq km of 3-D seismic data
over the offshore Tunisian M'Sela oil discovery and four surrounding prospects.
This seismic dataset will now be processed, prior to interpretation and
integration with the existing data. The processing company is Woking-based GDC
and results are expected to be available in January 2007.

Commenting on the survey, David Thomas, Chief Executive Officer of MedOil
plc, said: "Initial results from the UK-based seismic processing centre indicate
that the data quality is good. The results of the processing of the seismic
acquisition will allow MedOil to better define the location for drilling an
appraisal well to the existing M'Sela-1 oil discovery as well as drilling
locations for the other adjacent structures.

"We have also recently concluded an in-depth geological and geophysical analysis
of the permit and, as a result, have internally upgraded the petroleum
prospectivity of the southern portion of the permit.

"We are cautiously optimistic that the results of the 3D seismic survey will
confirm the upside potential of one of the un-drilled structures adjacent to oil
discovery M'Sela-1. This new permit-wide petroleum prospectivity project will be
integrated in due course with the interpretation of the recently acquired 3D
seismic data."

                                    --ENDS--

ENQUIRIES:

MedOil plc Tel:                                                    0207 921 0001
David Thomas, Chief Executive Officer

Bishopsgate Communications Limited Tel:                            020 7430 1600
Maxine Barnes
Nick Rome

Notes to Editors:

Tunisia - Louza Permit

The 4,100 sq. km. permit is located offshore central Tunisia. There is an
existing oil discovery on the permit which flowed 1,200 barrels per day of 34
gravity oil from one reservoir, and 118 barrels per day of 16 gravity oil from a
deeper reservoir unit. Four other un-drilled prospects lie close to the
discovery well. MedOil has a 95% interest in the permit, with TGS-NOPEC having a
5% interest.



                      This information is provided by RNS
            The company news service from the London Stock Exchange

END
STRILFVDITLEFIR

Grafico Azioni Medoil (LSE:MDL)
Storico
Da Mag 2024 a Giu 2024

Grafico Azioni Medoil (LSE:MDL)
Storico
Da Giu 2023 a Giu 2024