Labeidna-1 Well Offshore Mauritania Reaches Total Depth

The Stena Tay has drilled the Labeidna-1 well to the final total depth of 3080 meters where the acquisition of wireline logs, including downhole pressure measurements and fluid sampling, commenced.

A preliminary evaluation of these data indicates that the well intersected an oil-bearing interval comprising an interbedded series of thin sands and claystones. Late on November 14, 2005, the collection of oil samples was underway. Additional wireline logs will be acquired to quantify the significance of this discovery. A further announcement will be made when this analysis has been completed.

Following wireline logging, the well will be plugged and abandoned as planned.
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