Thule Starts Maintenance Work

Thule Drilling reports that the court appointed guardian entered the QGM yard today and commenced work on Thule's rigs. The Court appointed guardian boarded "Thule Power" together with the initial maintenance crew. The crew includes Thule's subcontractor National Oilwell Varco, which has delivered and installed the drilling package and is also responsible for its commissioning.

As advised in our previous press releases on November 26 & 30, 2007, and again on December 6, 2007, the actions today are a direct result of the Court Order handed down by the Sharjah House of Justice accepting the position which Thule has been advocating for some months, namely, that QGM is no longer fit nor capable of maintaining any control over Thule's assets. The court has validated Thule's position by determining, based on independent expert reports, that QGM is entirely unfit to have possession of the Thule's rigs.

The initial maintenance crew will increase gradually over the next few days and weeks in accordance with the Thule work plan approved and administered by the court appointed guardian.

Thule considers the above actions as a significant step towards completing "Thule Power", "Thule Energy" and "Thule Force".

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