MOG Investor Presentation

dgscdgvhf May 2014 Investor Presentation

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Reliance on the communication set out in these Presentation Materials for the purposes of engaging in any investment activity may expose an individual to a significant risk of losing all of their investment or of incurring additional liability. Any individual who is in any doubt as to the investment to which these Presentation Materials relate should consult an authorised person specialising in advising on investments of the kind referred to in these Presentation Materials.

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Important Notice

Mediterranean Oil & Gas Value Proposition

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Opportunity for value creation from potential

game changing

assets

Portfolio of production,

development and

exploration projects

Management with extensive

E&P and operational experience

Supportive investor base

Production revenues

Value Creation

Management

Opportunity Portfolio Management Investor Base Cash Flow

Results Delivering on Our Promises

4

Oct 2011 First gas at Guendalina field

Aug 2012 Law approved resulting in exemption for Ombrina Mare from offshore ban

Feb 2013 Completion of sale of 75% of offshore Malta Area 4 PSC to Genel Energy plc and established an AMI for offshore Malta, Libya and Tunisia

Recent Track Record

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Unlocking the Potential of Mediterranean Oil & Gas

June 2013 Entry into exploration study agreement with Cairn Energy PLC to explore offshore Malta Area 3 Blocks 1, 2 & 3

Jan 2013 EIA Commission ruled positively in favour of our submission on the Ombrina Mare oil and gas field development EIA

Apr 2014 Preparing to spud exploration well in offshore Malta Area 4 – well Hagar Qim 1 targeting 27MMboe most likely unrisked resources net MOG

Gas production

Revenues

Profit or Loss from Operations

Net operating cash flow

Average gas price

Working Capital

> 1.0 Bcf compared to 1.7 Bcf in 2012

> €8.4 million down from €16.3 million in 2012

> €4.4 million loss down from €4.1 million profit in 2012

> €1.2 million reduction compared to €6.5 million increase in 2012

> $11.2/Mscf ($12.0/Mscf in 2012)

> Zero debt and cash of €12.4 million (YE 2012 cash €8.7 million)

2013 Financial Highlights

2013 Financial Performance negatively impacted by production challenges at Guendalina Field

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Our team Capable From Start to Finish

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Board of Directors

Over 35 years experience in the energy, power and service industries. Former CEO of National Power plc, Brown & Root Ltd, and Kvaerner Engineering & Construction Ltd. Currently chairman of Regal Petroleum plc, senior independent director of Sterling Energy plc. Formerly held a number of non-executive roles both inside and outside the oil and gas sector.

Keith Henry Chairman

Over 24 years of global exploration, development, operations and business management experience with Chevron Corporation, including Senior Vice President of Operations for Saudi Arabian Chevron, Chief Strategist for Chevron Corporation, and management and technical assignments in Angola, Australia, Kazakhstan, UK and USA.

Bill Higgs Chief Executive

Over 32 years of experience in oil & gas geophysics, exploration, development, production, operations and business management. Formerly at ENI, Coparex, ELF, Enterprise Oil, Shell and professor of Applied Seismology at Basillicata University in Italy. He is a board member of the Associazione Mineraria Italiana.

Sergio Morandi Chief Operating Officer

A small team of big operators

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Board of Directors

Over 30 years industry experience in many key hydrocarbon basins. Currently Vice President Upstream Research at IHS CERA. Involved in international exploration and production with Britoil plc and Enterprise Oil plc, including VP of Exploration & Production, President Enterprise Oil USA, Chief Geologist and Italy Exploration Manager.

Peter Jackson Non–Executive Director

Over 18 years experience in the energy sector, including Chairman of Enel SpA. Currently Chairman of Assoelettrica and Telit Communications plc; Vice-Chairman of Idea Capital Fund SGR; and Non-Executive Director of Cadogan Petroleum plc. Formerly elected to the Italian Parliament Chamber of Deputies.

Enrico Testa Non–Executive Director

A small team of big operators

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Over 18 years experience in international investment banking and corporate finance. Most recently as a Director, Global Banking at Deutsche Bank, Hong Kong. Previously at the ABN AMRO Rothschild global equity capital markets joint venture, in London and Sydney.

Chris Kelsall Finance Director

Regional Operator

Experienced team

AIM-listing

Shareholder support

Debt Free

Capacity to invest in:

Asset maturation Small capital programmes

Balanced Portfolio

Grow production

Move resources to reserves

Balance:

Frontier exploration Asset maturation Good reservoir management

Growth Opportunity

~500 million boe (likely unrisked)

Ability to de-risk opportunities

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Our key strengths for growth Capable and Credible from Start to Finish

Competitive Advantage

Financial Strength

Resources Factory

Attractive Prospective Resources

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Intentionally left blank

Our Assets Reliably Delivering

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Our Assets

Gas exploration, development & production:

Non-operated gas production Asset delivers positive cash flow for the Company Non-operated gas discoveries with upside potential Goal is to increase the priority of these developments in the overall portfolio of ENI

1 Northern Adriatic

Gas exploration, development & production:

Geographically spread low risk production and exploration opportunities Goal is to increase returns on assets to cover operating costs for the Group

2 Onshore Italy

Oil & gas exploration & development:

100% operated oil discovery with upside potential Goal is to achieve production concession award from Ministry of Economic Development

3 Ombrina Mare

Oil and gas exploration:

Exploration prospect on trend with Val D’Agri and Tempa Rossa fields Technically challenging exploration well that is waiting for EIA approval of the well proposal

4 Southern Apennines


Southern margin of proven hydrocarbon province Modern seismic data required to unlock the exploration potential

5 Offshore Malta Area 3


Unproven frontier exploration Presence of reservoir and hydrocarbons source are key risks Planning to drill 1st exploration well in 2nd Quarter of 2014.

6 Offshore Malta Area 4

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Oil & gas exploration, development & production

Principles are on a first right and 20% (MOG) to 80% (Genel) split

8 Genel AMI

Gas exploration:

Triassic Bunter Sandstone play similar to North Sea southern gas basin. Structural geometry and hydrocarbon charge are the key risks.

7 Onshore France

* Net Mediterranean

1

Guendalina field provides ~75% of revenues

Delivered over 2.5 Bcf net production since start-up

Delivers net cash flow for small capital projects

Additional gas discoveries (~22 Bcf) with upside potential

Goal: Work with ENI to increase priority of development for these assets

Exploration, development and production

AC 35 AG with 20% WI

Guendalina: 3.7* Bcf 2P

AC 19 PI with 15% WI

Aida: ~12* Bcf 2C

Attila & Dorotea: ~9* Bcf 2C

Dorella: ~16* Bcf 2E

AR 81FR with 15% WI

Isabella: ~1* Bcf 2C

Production Concessions & Exploration Permits

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Northern Adriatic Gas Play Production and Development Assets

0 10 20 km

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Onshore Italy Foredeep Gas Play Production and Development Assets

1

Low risk production and exploration opportunities

Sold13 non-core exploration and production concessions

Next Steps: Explore ~1.6 Bcf of best estimate unrisked prospects

Place ~1 Bcf 2P reserves on production

Goal: Maximise net revenue from these assets Faseto exploration expected to be drilled in H2 2015

Exploration, development and production

Operated:

5 Concessions

1 Permit

Non-Operated:

2 Concessions

1 Permit

Net Production:

~400,000 scf/d

Production Concessions & Exploration Permits

0 100 200 km

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Faseto exploration prospect Proposed exploration well – H2 2015

Target: Middle Miocene gas play

Trap: Fault bounded structural trap

Reservoir: Marnoso-Arenacea Fm sandstones

Expected hydrocarbons: Gas & Condensate (CGR ~40)

Areal extent: ~1.13 km2

Vertical closure: ~30 metres

Total Depth: 1,800 m TVD

Prospective Resources:

~1.7 Bcf mean unrisked

Faseto

* Net Mediterranean

FASETO PROSPECT REFERENCE SEISMIC LINE

Torrente Baganza Field Faseto Prospect

FASETO

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OBM 1 OBM 2 &

OBM 2DIR

Oligo-Miocene Carbonate Reservoir Depth Map

Field Development Plan

5 to 9 wells, 1 platform, 1 FPSO

Expected production:

~5,000 bo/d rising to ~10,000 bo/d

Ombrina Mare Oil & Gas Play Production and Development Assets

1

100% operated oil and gas discovery with upside potential

Next steps: Approval of AIA and EIA

Award of Production Concession

Drill pilot well to validate reserves, prove upside and complete as new deviated producer

Exploration & development

BR 269 GC with 100% WI

25.4* MMbo 2C oil resources

17-19° API

8.0* Bcf 2C gas resources

99% methane

Production Test:

Stabilised flow after light acidification:

900 to 1,000 bo/d

Exploration Permit

* Net Mediterranean

0 5 10 km

‘AIA’ Procedure: Base Case Time Line

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WHO DOES WHAT

MOG

Ministry of Environment

3rd Parties (citizens, associations, groups)

• AIA required ahead of finalising decree for EIA • Technical work and AIA documentation completed • Submitted in May to Ministry of Environment • Process is similar to EIA procedure • After technical approval a ministerial decree is signed • Award of AIA and EIA can be achieved by end-2014

T0

T30

T45

T+180

Publication of AIA

Deadline for submission

of observations

Analysis and Response to Observations

Submission of AIA

Application

T75

Start of AIA Procedure

Decision on AIA

Mid-May 2014

End-June 2014

End-July 2014

Mid-Nov 2014

Ombrina Mare Strategy

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Secondary Reservoir (Cretaceous)

Top Seal

Main Reservoir (Oligo/Miocene)

OBM1 OBM2

OBM2DIR

ODT @ 2133m

Cretaceous OWC @ 2223 m

OBM1 OBM2 & 2DIR OBM3DIR

OBM3DIR

Conduct production test in Cretaceous (currently 1 to 17 MMbo Contingent Resources)

Drill a second production well in Oligo-Miocene towards the north and with toe below current Oil Down To (ODT) to test Oil Water Contact (OWC) in Oligo-Miocene and assess oil potential away from the crest of the structure.

Appraisal Strategy

Drill appraisal well to increase reserves

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Exploration Assets

* Net Mediterranean

1

Monte Grosso exploration prospect on trend with proven fields

Technically challenging well - 6,800 m and over 400 days

Renewed support from our partners to progress

Seeking local government approval of EIA

Goal:

Spud well in 2H 2015

Exploration

Serra San Bernardo with 23% WI (Operator); ENI 63% & Total 14%

Apulian Platform sub-thrust play

Prospective resources:

~49* million boe mean unrisked

Exploration Permits

Southern Apennines Oil & Gas Play

0 10 20 km

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Offshore Malta Area 3 Blocks 1, 2, & 3

40% Working Interest with Cairn Energy Plc (60% ,Operator)

Over 6,400 km2 on the southern margin of a proven hydrocarbon province

Exploration Study Agreement (ESA) started in December 2012 for 2 years

Undertaking reprocessing of existing 2D seismic data

Completed acquisition of the modern 2D seismic data required to unlock the exploration potential

Option for 1 year extension to ESA and negotiation of Production Sharing Contract

Exploration Licences

Exploration Assets Offshore Malta Area 3 Oil & Gas Play

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ESA Seismic Programme Completed 2D Seismic Acquisition – 2Q 2014

1715 km of modern 2D Seismic acquired

Processing of 2D seismic with modern broadband techniques

Survey acquisition was completed on time and under budget in early April 2014

Evaluation of reprocessed and new data is focused on definition platform margin and basin geometry

Forecast completion:

Seismic acquisition: April 2014

Processing: August 2014

Interpretation: December 2014

Area 3 Blocks 1, 2 & 3

2 1

3

New 2D lines

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Offshore Malta Area 4

25% Working Interest with Genel Energy plc (75%)

Over 5,700 km2

Exploration Study Agreement started in 2005

Production Sharing Contract signed July 2008

First exploration period ends July 2014

Prospective resources:



Exploration Assets Offshore Malta Area 4 Oil & Gas Play

* Net Mediterranean

Experienced Joint Venture Partnership:

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2 Exploration Wells Fully Funded

Frontier exploration play similar to Libya and Tunisia

CPR completed in October 2012

Maltese Government approved extension of first exploration period to July 2014

Sale of 75% interest in Area 4 PSC for consideration of:

$10 million cash

100% carry of 1st exploration well

100% carry of 2nd exploration well to cap of $30 million

Optional loan facility

Agreement

Offshore Malta Exploration Sale agreed with Genel Energy Plc

Inline

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HAGAR QIM

Water Depth: ~ 450 m

Hagar Qim exploration prospect Proposed 1st Exploration Well – 2Q 2014

Target: Lower Eocene/Paleocene carbonates

Trap: 4-way dip closure with a stratigraphic component

Reservoir: Carbonate ramp high-energy deposits

Expected hydrocarbons: Oil

Areal extent: ~25 km2

Vertical closure: ~155 metres

Total depth: 2,800 metres TVDss

Drill time: ~ 2-3 months

Certified Prospective Resources:


12% chance of success

Operator Prospective Resources:


20% chance of success

Hagar Qim

* Net Mediterranean

Resources and Risks

Area of Mutual Interest with Genel Energy Plc

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Libya

Tunisia

Area of Mutual Interest (AMI)

Agreement to cooperate in acquiring exploration and production assets in the offshore basins of Libya, Malta and Tunisia

Minimum period of 3 years

Equity in any asset acquired within the AMI will be shared on the basis of 20% to MOG and 80% to Genel

Our combined technical expertise gives plenty of scope to unlock additional value in the region

Malta

Production Concessions & Exploration Licences

Offshore Basins of Malta, Libya and Tunisia

0 100 200 km

Exploration assets France gas play

1

Frontier exploration play similar to North Sea southern gas basin

Structural geometry and hydrocarbon charge are the key risks.

Exploration permit expired 3Q 2013 – seeking extension

Goal: Negotiate Exploration Permit extension Alignment of JV Partners on forward work programme

Exploration

St. Laurent Permit MOG (11.2%) with Sterling

Resources Ltd (33.4 %), Cairn Energy Plc (22.0%), Aquitaine Exploration Ltd (18.2%) and Egdon Resources Ltd (15.2%) Donzacq Permit Application

MOG (11.2%) with Egdon Resources Ltd. (33.4%), Sterling Resources Ltd (33.4%) and Cairn Energy Plc (22.0%)

Prospective Resources:

48* Bcf likely unrisked


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* Net Mediterranean

0 25 50 km

Value Creation Delivering Results

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Access to resources will become more challenging with time

Regulatory oversight, constraint and risk continue to increase

Impact of Eurozone economic uncertainty on financial markets affects access to external funds for E&P industry

European natural gas prices remain de-linked from lower North American prices short-term

Italy remains an advantaged market for domestic energy production

Crude oil markets remain volatile, but crude oil prices to trend upwards long-term

The marginal producer of the marginal barrel will be exposed to price volatility

Market Outlook

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PRODUCE

Proved P1

Probable P2

Possible P3

REACH INVESTMENT DECISIONS

C1 C2 C3

DRILL EXPLORATION WELLS

E1 E2 E3

ACQUIRE EXPLORATION ACREAGE

Reserves (P) Assets near-to or on production. Reservoir Performance and Operational Reliability are key.

Contingent Resources (C) Drilled Prospects with proven hydrocarbons. Proving commerciality via appraisal and concept economics is key.

Prospective Resources (E) Undrilled prospects and leads. De-Risking via technical studies and commercial negotiations is key.

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MA

TUR

ATI

ON

DE-RISKING

Resources Factory

Millions of barrels of oil equivalent

PRODUCE

P1 0.6

P2 0.4

P3 0.4

REACH INVESTMENT DECISIONS

C1 12.7

C2 19.1

C3 47.2

DRILL EXPLORATION WELLS

E1 49

E2 400

E3 800

ACQUIRE EXPLORATION ACREAGE

2013 Production =

1.0 Bcf

175,420 boe

Equivalent to 480 boe/d

2P + 2C = 32.8 million boe

Total Resources Factory Potential over 1.2 billion boe unrisked

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PR

OSP

ECTI

VE

RES

OU

RC

ES

CO

NTI

NG

ENT

RES

OU

RC

ES

RES

ERV

ES

Proved & Probable: (i) ERC Equipoise Independent assessment Contingent & Prospective: (i) Company assessment (ii) ERC Equipoise Independent assessment

Resources Factory Inventory Know where you stand

ASSETS* 2014 2015 2016

1H 2H 1H 2H 1H Northern Adriatic Production

Onshore Italy Foredeep Production

Faseto Exploration

Aglavizza Development

Ombrina Mare Development

Southern Apennines Exploration

Malta Exploration

France Exploration

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> Drill exploration prospect Onshore Italy Foredeep (~1.6 Bcf best unrisked)

> Deliver ~1 Bcf 2P reserves to production Onshore Italy Foredeep

> Appraise and develop Ombrina Mare field

> Approval of Monte Grosso exploration prospect EIA

> Drill two exploration wells offshore Malta

> Negotiate Exploration Permit extension in France

EXPLORATION STUDIES & PERMITTING

DRILLING EVALUATION

DEVELOPMENT

PROJECT EXECUTION

PRODUCTION

FIRST GAS / OIL

DRILLING

* Management forecast based on current information and is subject to change

Asset Development Plans 2014-2016

Expanding our Resources Factory

Objectives:

Add high quality acreage to diversify portfolio

Short-term focus on ‘greater’ Mediterranean rim countries

Cash position allows small asset farm-in opportunities

Larger growth prospects becoming available

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Regional expertise, global experience

T: +44 20 7959 2322 E: [email protected] W: www.medoilgas.com

Corporate Office: 68 King William St

London

EC4N 7DZ UK

Operations Office: Via Cornelia 498 Roma 00166 Italy

Contact us

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MOG Investor Presentation

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