Altinex Wins Stake in Norwegian Blocks 25/2 and 25/3

Altinex Oil AS has been awarded equity in one new license on the Norwegian Continental Shelf covering Blocks 25/2 and 25/3 in connection with the second phase of the Norwegian APA 2006 licensing round. The awards were announced by the Ministry of Petroleum and Energy Thursday.

The award increases Altinex's Norwegian portfolio to 10 production licenses and strengthens the Company's potential for reserve- and production growth through exploration and appraisal activities.

The awarded license has the following participants:

--Altinex Oil AS, 20%
--Hydro (operator), 40%
--Svenska Petroleum, 20%
--DNO, 20%

The license is located immediately east of the Frigg field and contains the Gamma oil and gas discovery proven by two wells, 25/2-10 S and 25/2-11. Altinex believes that this discovery potentially could be developed commercially, and the work program is focused toward an appraisal of the Gamma discovery as well as evaluation of other prospects in the license.

This increases the number of Altinex discoveries to nine.

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