SAMEDAN HITS

Samedan has made a significant natural gas discovery offshore Israel. The Mari-B ##1 well was drilled in 795 feet of water approximately 15 miles off the coast of Israel by Atwood Oceanic's semisubmersible, Eagle. The well was drilled to 6,830 feet total depth and logged approximately 550 feet of gas in one zone. Eighty-nine feet of the zone was perforated and tested gas at the rate of 33 million cubic feet of gas per day through a 48/64 inch choke with 2,060 pounds flowing tubing pressure. Gas flow from the well was restricted by testing equipment limitations on the drilling rig. The company estimates the well would be capable of producing in excess of 100 million cubic feet of gas per day on a sustained basis with appropriate production facilities. The Mari-B ##1 discovery is a follow-up to the Noa ##1 discovery located eight miles to the west. It confirms the presence of commercial hydrocarbon accumulations in a large area offshore Israel. The rig will move approximately one mile to the east and commence drilling a confirmation well. Estimated drilling time is approximately 20 days. Samedan, Mediterranean Sea is operator of the well and owns a 40 percent working interest. Other owners in the well include Avner Oil Exploration Limited Partnership, 21.39 percent; Delek Drilling Limited Partnership, 23.61 percent and RB Mediterranean Ltd., a wholly owned subsidiary of R&B Falcon Corporation, 15 percent.
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