Madalena Enters JV for Tunisian Acreage

Madalena Ventures has entered into a Seismic Option Agreement with Storm Ventures International on the Hammamet Offshore Exploration Block containing over 1.1 million acres in the Pelagian Basin offshore Tunisia.

The Block contains the previously developed Tazerka oilfield which produced 25 million barrels and is offset by eight proven oil discoveries, two of which are scheduled for development by other operators within the next 12 to 18 months. The Tunisian authorities granted the block to Storm on June 2005 for a period of 5 years starting 13 September 2005, under favorable fiscal terms.

Madalena will be participating for a 30% working interest in an extensive 3D seismic program of between 200 to 500 square kilometers. Upon review of the 3D seismic Madalena will have the option to participate for 30% in the drilling of a test well on the Block to earn a 15% working interest and the right to participate in all further development of the Block.

An evaluation of the extensive 2D seismic base over the Block is currently being undertaken by the parties. The 3D seismic program will be designed to evaluate the potential reactivation of the Tazerka field, delineate 7 significant hydrocarbon shows in wells drilled on the Block, evaluate three large untested structures previously recognized on the block and high-grade the most prospective test well location on the Block for drilling during 2007.

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