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May 2014
Investor Presentation
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2
Important Notice
Mediterranean Oil & Gas Value Proposition
3
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
5
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
6
Our team
Capable From
Start to Finish
7
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
8
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
NonExecutive 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
NonExecutive Director
A small team of big operators
9
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



10
Our key strengths for growth
Capable and Credible from Start to Finish
Competitive
Advantage
Financial
Strength
Resources
Factory
Attractive
Prospective
Resources

11
Intentionally left blank
Our Assets
Reliably Delivering
12
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 DAgri and
Tempa Rossa fields
Technically challenging
exploration well that is
waiting for EIA approval of
the well proposal
4
Southern
Apennines
Oil and gas exploration:
Southern margin of proven
hydrocarbon province
Modern seismic data
required to unlock the
exploration potential
5
Offshore
Malta Area 3
Oil and gas exploration:
Unproven frontier
exploration
Presence of reservoir and
hydrocarbons source are
key risks
Planning to drill
1
st
exploration well in
2
nd
Quarter of 2014.
6
Offshore
Malta Area 4
13
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
14
Northern Adriatic Gas Play
Production and Development Assets
0 10 20 km
15
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
16
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 km
2
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
17
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

18
WHO DOES WHAT
MOG
Ministry of
Environment
3
rd
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
19
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
20
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
21
Offshore Malta Area 3 Blocks 1, 2, & 3
40% Working Interest with Cairn
Energy Plc (60% ,Operator)
Over 6,400 km
2
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
22
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

23
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:
~428* million boe mean unrisked
Exploration Licences
Exploration Assets
Offshore Malta Area 4 Oil & Gas Play
* Net Mediterranean
Experienced Joint Venture Partnership:


24
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 1
st
exploration well
100% carry of 2
nd
exploration well
to cap of $30 million
Optional loan facility
Agreement
Offshore Malta Exploration
Sale agreed with Genel Energy Plc
Inline
25
HAGAR QIM
Water Depth: ~ 450 m

Hagar Qim exploration prospect
Proposed 1
st
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 km
2
Vertical closure: ~155 metres
Total depth: 2,800 metres TVDss
Drill time: ~ 2-3 months


Certified Prospective Resources:
~27* million boe mean unrisked
12% chance of success
Operator Prospective Resources:
~40* million boe mean unrisked
20% chance of success
Hagar Qim
* Net Mediterranean
Resources and Risks
Area of Mutual Interest with Genel Energy Plc
26
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
Exploration Licences
27
* Net Mediterranean
0 25 50 km
Value Creation
Delivering Results
28
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
29
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.

30
M
A
T
U
R
A
T
I
O
N

DE-RI SKI NG
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

31
P
R
O
S
P
E
C
T
I
V
E

R
E
S
O
U
R
C
E
S

C
O
N
T
I
N
G
E
N
T

R
E
S
O
U
R
C
E
S

R
E
S
E
R
V
E
S

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
32
> 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
33
Regional expertise, global experience
T: +44 20 7959 2322
E: info@medoilgas.com
W: www.medoilgas.com
Corporate Office:
68 King William St
London
EC4N 7DZ
UK
Operations Office:
Via Cornelia 498
Roma 00166
Italy
Contact us
34