Mogul Provides Drilling Update

Mogul Energy International has received notification from project operator Dover Investments Ltd. (Dover) that progress is continuing to be made on the drilling of the EWA-4X exploration well. The well is being drilled from an onshore location and deviated to test the offshore Raha and a large oil target in the Nubian Sandstone, forming the significant reservoir in several major oilfields in the Gulf of Suez.

The 13 3/8" casing has been successfully set and cemented in the well. The rig operator overcame some technical problems with the rig pumps, and on last update, Dover informed Mogul Energy that the well was drilling at 2,500 feet drilled depth. Dover anticipates that the well will reach target depth, which is expected to be below 7,100 ft drilled depth (or 4,180' vertical depth) in about 21 days time. Further updates will be released as additional drilling milestones are attained.

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 Company: Mogul Energy Internationalmore info
 - Mogul Completes 3rd S. Texas Well (Feb 21)
 - Mogul Spuds 3rd Well in South Texas (Dec 27)
 - Mogul Awarded Drilling Permit in Tx. County (Dec 8)

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