Oracle to Drill New Prospect on Block 22, Yemen

Oracle Energy Corp. said that it has been notified by project operator Yemen Mayfair Petroleum Corp. (YMPC) of plans to drill the Fatima-1 well on the Fatima prospect, Block 22, Yemen, during the fourth quarter of 2006.

The well is planned to a total depth of 2,250 meters and will target the intra-evaporites clastics of the Middle Miocene that tested hydrocarbons in the Jaizan wells to the north, across the border in Saudi Arabia.

Oracle Energy Corp. holds a 15% participating interest in block 22, which encompasses 8,151 square kilometers within the Tihama Basin in the western region of the Republic of Yemen. YMPC and its partners have invested more than US$20 million on exploration programs to date. Principals of YMPC were instrumental in the discovery of Yemen's first giant oil field in the mid-1980s, located in the Marib basin. Block 22, was awarded to YMPC in 1993.