Gaz de France Makes North Sea Gas Discovery with Cygnus

GDF Britain has made a gas discovery with significant potential upside with the 44/12-2 well on the Cygnus prospect. The field lies some 170 km off the Lincolnshire coast in approximately 20 meters water depth.

The 44/12-2 discovery well is currently being suspended following a successful testing program. The well was spudded on February 2, 2006 and encountered a number of gas bearing zones in the Rotliegendes and Carboniferous.

It is anticipated that most of the key pre-development studies needed to facilitate a commerciality decision will be completed by the end of this year. Given a positive decision it is hoped to initiate production by the middle of 2008. The accumulation is located within close proximity to several potential transportation routes including the Caister Murdoch System to Theddlethorpe (UK), the EAGLES Transportation System to Bacton (UK) and the Nord Gas Transport System to Uithuizen (Holland).

Mark Hughes, GDF Britain's Managing Director commented: "The success of this well confirms a northwards extension of the prospectivity in this part of the UK Southern gas basin and is the result of a consistent commitment over a number of years by Gaz de France to UK exploration. This comes hot on the heels of our other recent significant exploration successes in the same Basin"

Interests in the license are GDF Britain Limited as operator with 25%; Tullow Oil with 35%; E.ON Ruhrgas with 27.5%; Endeavour Energy with 12.5%.

GDF Britain is a 100% owned affiliate of Gaz de France and is an active E&P company in the UK North Sea with interests in more than 50 licenses in the Southern North Sea, Central North Sea and West of Shetlands. GDF Britain is also operator for 17 of these licenses in the Southern and Central North Seas.

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