Tiof-6 Well Results Look Good

Partners in the Mauritania offshore development program report evaluation of wireline and drilling data, including downhole pressure measurements and fluid sampling indicates that Tiof-6 has intersected oil over a gross interval of at least 123 meters. Wireline oil samples have been recovered to surface. It is interpreted that no gas or water leg has been intersected by the well. The interval comprises several good quality sands of varying thickness. The well will now be cased and temporarily suspended, allowing the West Navigator rig to conduct Chinguetti development drilling, before returning to flow test Tiof-6.

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.