Sky Approaches Reservoir Depth with Mubarek H-2

Mubarek Field, United Arab Emirates
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Sky Petroleum, a participant in two infill wells on the Mubarek Field in the UAE, reports that casing has been set just above the Ilam/Mishrif Reservoir at a drilled depth exceeding 13,800 feet.

According to Sky, the well has been cased at 13,845 feet. Over the coming weeks, the well will be drilled to a total depth of approximately 15,000 feet. It will then be logged and completed prior to testing and tying in to the Mubarek Field production facilities.

Production is expected to begin by mid-May. Drilling operations at Mubarek H-2 began on January 31. Crescent Petroleum Company International is the operator of the field.

Sky also reports that it recently completed the final $3.5 million funding and has now fully paid $25 million in drilling costs related to the two wells in the Mubarek oil and gas field. Currently, the company has approximately $7.5 million in cash on hand and reports that it has sufficient funds to finance its drilling obligations as well as working capital for 2006 and beyond.

"We are very pleased we are approaching reservoir depth and look forward to beginning production," said Brent Kinney, Sky's chief executive officer.

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