MDL Medoil

RNS Number:4772I
MedOil PLC
05 September 2006

                                                                5 SEPTEMBER 2006


                                   MEDOIL PLC
                          ("MedOil" or "the Company")

               MEDOIL SIGNS ALBANIAN PETROLEUM SHARING AGREEMENT

The Board of MedOil, the oil and gas exploration company geographically focused
on southern Europe and North Africa, is pleased to announce that the Company
signed a Petroleum Sharing Agreement (PSA) with the Ministry of Economy, Trade
and Energy in Tirana, Albania on 04 September 2006. The PSA will now be
presented for ratification by the Council of Ministers, which the directors
expect to take place in late October.

The 'Joni -5' offshore permit is approximately 2,500 sq. km. in area, offshore
southern Albania, extending to the northern boundary of Greece with water depths
ranging from the coastline up to 800 metres.

The PSA is for seven years with a drill-or-drop decision after the second and
fifth years. MedOil's initial obligation is for 400 sq. km. of a 3-D seismic
work programme in the first two year period with a minimum work expenditure of
USD 2.05million.

David Thomas, CEO, comments: "We are pleased to have been awarded this highly
prospective offshore permit, where three hydrocarbon plays are identified in the
block, all with successful analogues in the Adriatic region. A number of leads
and prospects have already been mapped using the existing 2-D 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

Oil exploration in Albania started in 1918 and large international companies
such as Standard Oil, Anglo-Persian (BP), were granted licences in 1925. Initial
production started in 1928 and to date over 3.5 billion barrels of oil and 1.8
TCF have been discovered.








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