Vinoble Issues Drilling Update on Clovelly South Prospect


Clovelly South
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Vinoble, Inc. said on June 19, 2006, that drilling had begun on the Clovelly South Prospect's Allain-Lebreton No. 2 well in Lafourche Parish, La. The company was notified by the operator that, as of early Friday morning, the well had reached a depth of 11,000 feet.

Daily reports provided from the site indicate normal operations. Although it would be anticipated that drill rates would be lower at greater depths, Vinoble is pleased that the operator reached 11,000 feet within 19 days from the spud date.

As previously announced, the original proposed target was to test the "M" Sand at a depth of approximately 13,500 feet with a prospective size of 3.6 million barrels of oil. After further geophysical review of a 3D seismic survey of the property, the operator and the interest owners of the prospect put forth a further development plan for a deeper horizon. The additional drilling target will test the "P" Sand at approximately 14,200 feet. If successful, it would significantly increase the reserves in the well to an anticipated 11 million barrels of oil for a nominal increase in the dry hole cost. A discovery would lead to the drilling of several development wells on the 1,260-acre property, where facilities for the production of the well are available.

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