Calmena Notes Libyan Ops

Calmena operates two 1,000 hp rigs in the Libyan desert for Waha Oil Company. Waha Oil Company (Waha) is owned by National Oil Corporation (being the Libyan national oil corporation) in a joint venture with ConocoPhillips, Marathon and Amerada Hess.

Waha has temporarily suspended all of its field operations in Libya, including those involving Calmena's two rigs. As a precaution, Calmena has evacuated its foreign employees from Libya and all rig assets have been secured. Although specific rig locations are confidential and will not be disclosed, management believes Calmena's rigs are not at risk due to their distance from population centers.