Luna Spud Date Anticipated Early December

Elko announced on May 4, 2011, that the Luna well will be drilled by the Maersk Resolve jack up drilling unit. The rig had been secured by Norwegian Energy Company ASA ("Noreco"), the license operator, under a letter of intent. At that time the rig was expected to be available in mid August 2011 and Elko subsequently announced on June 22, 2011 that the rig was anticipated to arrive at the Luna location in the second half of September 2011. Elko has been now advised by Noreco that the rig has been further delayed and the Luna spud date is now anticipated to be in early December 2011. The Maersk Resolve is currently drilling on contract to Maersk Oil and Gas in Denmark and as such the delays are out of the control of Noreco.

As previously announced, the 01/11 partners intend the Luna well to test the overall Rotliegendes play concept. The Luna prospect is located in a small half graben with the pinch out edge to the south east of the structure. The Rotliegendes reservoir is thought to have a high probability of being present at this location based on the seismic interpretation. Uncertainty still exists however on which seismic event represents the top reservoir and where the pinch out occurs.

In addition to the uncertainty on the pinch out position, there is a possibility that the Rotliegendes does not, in fact, pinch out but continues up dip into Lead A. It is therefore possible that Luna and Lead A are connected and represent one feature. The current well location which targets the Luna prospect was picked in order to maximize the information gathered by the well and is designed to address this uncertainty. The Luna drilling program is expected to take about one month in duration.

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