Sky Petroleum Says Mubarek Well Drilling Ahead

Mubarek Field, United Arab Emirates
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Sky Petroleum, a Texas-based exploration company, recently announced the status of its drilling operations in the Mubarek Field. The field is located in the Arabian Gulf offshore the UAE. Crescent Petroleum, the UAE-based operator of the Mubarek Field, reports that as of March 4th the well was at a drill depth of 8,396 ft. Drilling operations commenced January 31st at the Mubarek H-2, the first of Sky's two infill wells on the field. The company also reports that it recently completed a $3.5 million funding for costs related to the drilling program and has paid $21.5 million in total. As part of the drilling program Sky Petroleum is obligated to pay approximately $25 million in drilling costs related to the two wells in the Mubarek oil and gas field. The final balance of $3.5 million will be made at the end of March 2006. Currently the company has approximately $11 million in cash on hand and has more than enough funds to finance its drilling obligations as well as working capital for 2006 and beyond.

"We continue to be very pleased with the drilling program and look forward to actual results," said Brent Kinney, chief executive officer at Sky Petroleum.

Crescent has been the operator of the Mubarek Field for more than three decades. The first commercial oil was produced from the Mubarek Field in the mid 1970s, and the field has been in continuous production since then.

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