Nautical Petroleum & SK Extend Farm-out Deadline

Further to the announcement of June 12, 2006, Nautical Petroleum and SK Corporation have mutually agreed to extend the completion deadline of the multi-license farm-out agreements to September 29, 2006.

SK Corp has confirmed that consent from the Government of the Republic of Korea has been received and also the formation of a wholly-owned subsidiary, Celtic Oil Limited, which will be the holder of the license interests. The agreements remain conditional on DTi consent which is expected to be received in advance of September 29, 2006.

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