Taghmen Farm-In Deal Falls Through

Taghmen says that despite having agreed in principle terms for the extension of the completion date for the farm-in to a 50% interest in new licenses in Beliz (Block 19) and Guatemala (license 7-98), announced on November 14, 2005, the current owner has now advised Taghmen that their offer has been withdrawn. The proposed farm in deal has therefore terminated.

Nicholas Gay, Chief Executive, commented: "Whilst it is disappointing that the current owner has withdrawn from this farm-in deal, we will continue with our strategy of pursuing opportunities in Latin America and exploring and developing our existing assets in Guatemala."