SAMEDAN SUCCESS

Samedan, Mediterranean announced the second successful appraisal well offshore Israel. The NOA South #1 well was drilled by Atwood Oceanics' semisubmersible rig, Eagle in 2,430 feet of water and encountered 114 feet of gas bearing sands. The NOA South #1 well is located approximately 2 miles south of the NOA #1 well and 8 miles west of the Mari-B field. Based on data obtained from the well and earlier appraisal wells, NOA South #1 should be capable of flowing at a rate in excess of 30 million cubic feet per day. Recoverable reserves are estimated to exceed 200 billion cubic feet of gas. Initial delivery of gas is expected in the fourth quarter 2002 or early 2003.
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