TIDMMOG

RNS Number : 7681L

Mediterranean Oil & Gas Plc

09 July 2014

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO OR FROM ANY RESTRICTED JURISDICTION OR WHERE IT WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF ANY SUCH JURISDICTION

RECOMMENDED CASH, SHARE AND CONTINGENT CONSIDERATION OFFER BY ROCKHOPPER EXPLORATION PLC ("ROCKHOPPER") FOR MEDITERRANEAN OIL & GAS PLC ("MOG")

UPDATE ON CONTINGENT CONSIDERATION OFFER

In relation to the terms of the proposed recommended acquisition by Rockhopper of the entire issued and to be issued share capital of MOG, MOG has informed Rockhopper that the rig used to drill the exploration well targeting the Hagar Qim prospect in Offshore Malta Area 4, Block 7 (MOG 25% working interest) completed operations on 7 July 2014 (the HQ Exploration Well Completion Date) and has now moved off location.

As announced by MOG on 3 July 2014, MOG has received formal notification from Phoenicia Energy Company Ltd (a wholly owned subsidiary of Genel Energy plc), the operator of Offshore Malta Area 4, Block 7 that the Hagar Qim-1 well has been drilled to the Eocene and plugged and abandoned with no indications of hydrocarbons.

As required by the terms of the acquisition, within one month of the HQ Exploration Well Completion Date, ERC Equipoise Limited will be instructed to produce a Competent Person's Report to validate the results of the well in line with Part IV - The Contingent Consideration Offer of the Scheme Document dated 20 June 2014.

Defined terms in the Scheme Document dated 20 June 2014 have the same meanings where used in this announcement.

Enquiries

 
 Rockhopper Exploration plc                       via Vigo Communications 
                                                   - 020 7016 9571 
 Sam Moody, Chief Executive 
 Stewart MacDonald, Chief Financial Officer 
 
 Canaccord Genuity Limited, NOMAD, broker 
  and financial adviser to Rockhopper             020 7523 8000 
 Henry Fitzgerald-O'Connor 
 Neil Elliot 
 
 Vigo Communications, PR adviser to Rockhopper    020 7016 9571 
 Peter Reilly 
 
 Mediterranean Oil & Gas plc                      020 7959 2322 
 Bill Higgs, Chief Executive 
 Chris Kelsall, Finance Director 
 
 RBC Europe Limited, Rule 3 adviser and joint 
  broker to MOG                                   020 7653 4000 
 Jeremy Low 
 Matthew Coakes 
 
 Liberum Capital Limited, NOMAD, financial 
  adviser and joint broker to MOG                 020 3100 2222 
 Clayton Bush 
 Tim Graham 
 
 FTI Consulting, PR adviser to MOG                020 3727 1000 
 Ben Brewerton 
 Alex Beagley

This information is provided by RNS

The company news service from the London Stock Exchange

END

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