Petrolia Says Deep Venture to Start ExxonMobil Contract in May

Larsen Oil and Gas Ltd (Aberdeen), as drilling contractor for the drillship Deep Venture, have on behalf of Venture Drilling AS, agreed to a drilling contract with ExxonMobil, with a contract duration is for 18 months, where the last 12 months of the contract was subject to approval by the relevant government authority in the area of operation.

Venture Drilling AS has been notified by ExxonMobil, that the relevant approvals have been authorized.

Venture Drilling AS estimates the start of contract to be during May 2007.

Venture Drilling AS is a company owned 50/50 by Sinvest ASA and Petrolia Drilling ASA.