Calvalley Spuds Ras Noor-1 Well in Yemen

Calvalley Petroleum, operator of Block 9, Republic of Yemen, has spud the Ras Noor-1 exploration well on Tuesday September 21, 2004. The well, located on top of the plateau, is targeting the Upper Qishn Formation sand reservoir in a large seismically defined structure, with secondary targets in the Saar, Kohlan and Basement Formations. It is anticipated that the well will take three to four weeks to reach a total depth ("TD") of approximately 1706 meters.