Tiof-6 Appraisal Well Reaches Final Depth

The West Navigator drilled the Tiof-6 appraisal well to a final total depth of 2696 meters where the acquisition of wireline logs commenced. Preliminary analysis of logs acquired while drilling and the wireline logs acquired so far indicates the presence of an oil column. At midnight on January 10th wireline logging was still in progress. Once logging operations are complete, the forward plan is to suspend the well to allow the rig to work on the Chinguetti development drilling program before returning to flow test the Tiof-6 well.

The Tiof-6 well is the 4th appraisal well following the two discovery wells completed in late 2003. The appraisal program is proceeding on prognosis and the joint venture is planning to complete the test of the 4th appraisal well before refining development plans.

The Chinguetti field, 25km to the south of the Tiof field, was given development approval in May 2004 and is on schedule for first production in early 2006 at approximately 75,000 barrels of oil per day (bopd), 6,000 bopd to Premier. Development drilling is currently underway. The Tevet-1 discovery well drilled in October 2004 is located within tie-back distance to the Chinguetti field.

The West Navigator and Stena Tay drilling rigs will remain on location offshore Mauritania throughout the greater part of 2005, and will be drilling exploration and appraisal wells in addition to Chinguetti, and possibly Tiof, development wells.