Novus Gets Good Results from Preliminary Tests from Tibat-1

The Novus-operated Tibat-1 exploration well was drilled on a gas condensate target similar to the Novus operated Bukha gas condensate field and near producing infrastructure with an accessible gas market.

Drill stem testing of the deeper (Thamama) reservoir has now commenced and the well was opened for flow over the weekend. It flowed gas and condensate to surface which was flared. Whilst the flow was not stabilised and it is believed that the well is still cleaning up, preliminary rates between 8 and 11 million cubic feet of gas/day were recorded. The well is now shut in to run a production logging tool, after which the further testing program will be decided. The commercial significance of these results has yet to be evaluated.

The participants in the Tibat-1 well are: Novus Petroleum (operator) 40%; Atlantis Holding Norway A/S 25%; Eagle Energy (Oman) Limited 10%; and LG International Corporation 25%