Island Oil & Gas Awards Drilling Contract to Petrolia

Petrolia Drilling Ltd., a subsidiary of Petrolia Drilling ASA, has entered into a drilling contract with Island Oil and Gas Plc for a three well drilling program using the semisubmersible Petrolia.

The contract has an estimated duration of 75 days plus mobilization and demobilization, and will commence on or about April 1, 2006, offshore Ireland.

Estimated contract value is US $11.2 million. The rig is presently being reactivated in Invergordon, Scotland, including upgrading of accommodation facilities.

Petrolia Drilling is pleased to be back in Ireland where it drilled the discovery well of the Corrid Field in 1996 working for Enterprise UK Ltd.

Petrolia Drilling is satisfied with the value and duration of the contract, as the market is expected to further improve in 2006.

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