MDL Medoil

RNS Number:1224V
MedOil PLC
19 April 2007

                                                                   19 APRIL 2007

                                   medOil plc

                          ("medOil" or "the Company")

   AGM Statement - Update on Tunisian 3D Seismic Survey and other exploration
                                 opportunities

At the AGM of the Company, which is to be held at 12.30 pm today, the Chairman,
John Lander, will update shareholders as follows:

Louza, Tunisia

A 600 sq km 3D seismic survey covering the southern part of our Louza
prospecting permit, offshore Tunisia, was acquired between August and October
2006. Processing of this large dataset is complete, and we are already at an
advanced stage of interpretation. Initial findings have been very encouraging,
and these are being used to provide focus and "fine tuning" for a final phase of
processing which should be completed by the end of April 2007.

The initial 3D interpretation appears to confirm the overall structural
configuration of the M'sela oil discovery, and it is anticipated that
Oil-In-Place estimates for the accumulation will not be significantly affected.
We intend, however, to use the final high-resolution 3D data volume to help
elucidate the regional fracture patterns in the area, and by combining this with
further evaluation of the M'sela-1 well data we hope to gain a better
understanding of how this unusual reservoir might respond to production. This
data will be critical in the design of any potential appraisal well.

Exploration prospects in the vicinity of M'sela have, however, already been
significantly upgraded by the new seismic data. In particular, imaging of the
M'sela West prospect has been improved and the feature now appears to be
significantly larger than previously thought; potential recoverable reserves
could be more than double the 50 MM bbl estimated by Merlin Energy Resources
("Merlin") on the basis of previous 2D data, making this a highly attractive
exploration target. The nearby M'aila East and Ourata prospects also show
increased potential as a result of the new data with prospectivity identified in
more than one reservoir.

The Company has engaged Merlin to review the results of our interpretation of
the new 3D seismic data and to provide an updated analysis of its hydrocarbon
prospectivity. We plan to report on this to Shareholders when completed -
possibly at the time of the Company's interim results in mid 2007. In the
meantime we are actively seeking potential farm-in partners to participate in a
drilling programme planned to commence in 2008, subject to jack-up rig
availability.

Other Exploration opportunities

Our application for two permits offshore Sicily (adjacent to the Vega oil field)
received technical approval from the Ministry of Industry in December 2006, and
the final award will be subject to acceptance of our environmental reports which
were submitted to the Italian Government on 4 April 2007. We have commenced
gathering technical data on these permits.

The existing 2D seismic data sets over the Joni 5 permit have been received from
the Albanian authorities and the data quality is generally good to excellent.
The data is now with Merlin for a detailed interpretation. An initial overview
of the data has confirmed the existence of a number of potentially exciting
geological play types as reported in our 2006 Report and Accounts. Final
ratification of the Joni 5 permit is awaiting resolution of the precise
co-ordinates of the maritime boundary with Greece.

The Company continues to look at new opportunities whilst focusing on
progressing its strategy for the Louza prospects, which is key to the Group's
future success.

                                   ---ENDS---


ENQUIRIES:

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

Bishopsgate Communications Limited                            Tel: 020 7562 3350
Maxine Barnes
Nick Rome




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