Egdon Resources Receives Permit Approval for Grenade-3

Egdon Resources has reached a significant milestone with the receipt of a drilling permit for the Grenade-3 well in the St. Laurent permit in France from the permitting authority DRIRE Landes.

A civil engineering contractor has been appointed and site construction has commenced. A rig has been secured and long lead items are being procured to enable the well to begin drilling as planned during October 2007.

The Grenade-3 well will be drilled as a step-out to the Grenade -1 discovery well, drilled by Elf in 1975, which penetrated a 97 meter column of heavy oil (10 degree API) in a highly porous and permeable limestone reservoir at a depth of 2176 meters. The Grenade-3 well will be drilled as a vertical pilot hole designed to confirm the oil column and reservoir distribution. Contingent upon the results of this pilot hole a horizontal sidetrack will be drilled and completed for a long term production test to be undertaken.

The best estimate oil in place for the field has been mapped by Egdon as 300 million barrels (with a range of 95 to 945 million barrels). The production test would utilise modern completion, pumping and viscosity reduction methods in the horizontal reservoir interval to determine the likely recoverable reserves and commerciality of the Grenade oil accumulation.

Egdon Resources is the operator with 33.423%; Sterling Resources hold 33.423%); Nautical Petroleum Plc hold 22.00%; and Mediterranean Oil & Gas holds the remaining 11.154% through its subsidiary Malta Oil Pty Ltd.

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