Kairiki Picks up Property Offshore Sicily

Kairiki Energy Limited has executed Sales and Purchase Agreements in respect of the previously announced acquisitions of a 30% interest in two contiguous offshore Exploration Permits, G.R. 15 PU and Kerkouane, from Audax Resources Limited.

G.R.15 PU, is located offshore the island of Pantelleria southwest of Sicily in Italian waters and the Kerkouane Permit is located offshore northeast Tunisia.

The completion of these transactions is still conditional upon AuDAX completing the acquisition of the Pantelleria and Kerkouane Permits from Grove Energy Limited by June 30, 2008.

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