Monarch to Participate in Lythan and St. Anne's Project in North Sea

As previously stated, Monarch is paying 16% of the cost of drilling a test well to earn a 12% interest in the 970 square kilometer (approximately 240,000 acre) Lytham and St. Anne's project located in Quads 41 and 42 in the North Sea.

The proposed location is up-dip and seven kilometers south of the recent 41/5-1 gas discovery located within the block. 3-D seismic coverage indicates that the project contains three potential hydrocarbon horizons. Lundin Petroleum AB is the operator and has contracted the Global SantaFe Galaxy II jack-up rig to drill this project in mid July.

As previously announced, Monarch Energy Limited has entered into an agreement to earn an interest in the 72.5 square kilometers (approximately 18,000 acre) Ridgewood project located in Block 12/17 in the North Sea. The proposed location is 35 kilometers northeast of the 170 million barrel Beatrice field and nine kilometers from the nearest proven Jurassic oil accumulation. Seismic coverage shows a structure containing two potential hydrocarbon bearing zones in the Jurassic. Lundin Petroleum AB is the operator and has contracted the Global SantaFe Galaxy II jack-up rig to drill this project in Q3 2007.

Monarch is paying 20% of the cost of acquiring new 3-D seismic and 13.33% of the cost of drilling a test well to earn a 10% interest in a 422 square kilometer (approximately 104,000 acre) block located in Quad 30 in the UK North Sea. Recently acquired seismic indicates the block contains several Jurassic and Permian plays. A well drilled into one of the Jurassic plays logged oil before the well was abandoned due to insufficient zone thickness. 3-D seismic on the block indicates that the Jurassic thickens to the northwest of that well. Lundin Petroleum AB is the operator of this project.

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