Altinex Clears Regulatory Hurdles for Denerco Acquisition

Altinex has received consent to the change of ownership from all relevant public authorities. Closing of the acquisition will now take place according to the Sales & Purchase agreement.

The acquisition was announced in May 2006.

Denerco Oil is a privately owned upstream Danish oil and gas company founded in 1985, headquartered in Copenhagen and with activities in the Danish, German, Dutch and UK sectors of the North Sea as well as onshore Oman.

Denerco Oil holds equities in five producing oil and gas fields in the Danish North Sea. These oil and gas fields are; South Arne, Siri, Nini, Cecilie and Lulita with a daily production in the range of 9500 boepd and all operating within a favourable Danish tax regime.

In addition to the five producing oil and gas fields, Denerco Oil has interests in three oil and gas discoveries with an estimated 37 mmboe of net reserves. A plan for the development of one of these discoveries has been submitted to the Danish authorities.

The combination of the Altinex portfolio, consisting of 9 Norwegian licenses (including the Brage field producing in the range of 3200 boepd) and Denerco Oil's assets will create a well balanced portfolio of production, development and exploration projects with low political risk. This will form a solid basis for long-term activity and further growth.