Eurogas, Delta Sign SeaWolf to Drill Sfax Permit Offshore Tunisia

Eurogas Corporation announced the initiation of a drilling program for the Sfax permit offshore Tunisia. A drilling contract has been signed with SeaWolf Oil Services Ltd. to drill two firm wells and two optional wells starting with the Ras El Besh prospect. The Delta Queen, a cantilevered jack-up drilling rig, will be mobilized from Malta in late May and is expected to be on the Ras El Besh location to commence drilling operations in June 2008.

The first well to be drilled will be REB #3 to evaluate the prospective El Garia formation at a depth of 1800 meters. A second Ras El Besh well is planned immediately following. After the completion of the two Ras El Besh wells, the partners plan to drill a well to appraise the nearby Jawhara oil prospect.

Both the Ras El Besh and Jawhara prospects have been drilled in the past by previous operators and tested positively that oil was present in the formation. The current planned drill holes are designed to position the penetration of the prospective formations at levels determined to be potentially more productive based on the information derived from the three dimensional seismic programs that have since been carried out by Eurogas and its partner, APEX.

Under the recent farmout agreement with Delta Hydrocarbons (Delta), the costs of the wells will be borne by Delta, as part of a larger commitment to earn a 50% participation in the Sfax permit. After the total commitment has been fulfilled by Delta, Eurogas will retain 22.5%, APEX 27.5% and Delta 50% participating interest in the Sfax Offshore Permit.

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