Sovereign Oilfield Group Names New Director for Diamant Unit

Sovereign Oilfield Group

Sovereign Oilfield Group has appointed George Cheetham as Managing Director of its fixed cutter drill bit subsidiary, Diamant Drilling Services SA.

George has a strong management and financial management background. He started as an accountant before becoming Director of Finance and Administration with Bond Helicopters, servicing the UK North Sea. He became Managing Director of Astec Helicopter Services Ltd in 1999. From 1999 to 2004, he managed the growth of this business from a turnover of US$100 million to US$150 million, doubling its EBITDA over the same period. He then served as Vice President of Business Development until the end of 2005 before becoming a management consultant.

Commenting on George's appointment, Graham Burgess, Chief Executive Officer of Sovereign said:

"We are delighted to welcome George to the Sovereign team. I am sure that his experience of managing the profitable growth of a business, coupled with his direct management approach, will enable us to realize the full potential of DDS."

Sovereign, which joined AIM in September 2005, was formed in October 2003, by Dr. Peter Felter and Mr. Graham Burgess, for the specific purpose of developing an oilfield service company focused on:

--the provision of an integrated fabrication service to oil and gas companies and contractors in the UK and internationally;

--the provision of integrated drilling and engineering services to oil and gas companies and contractors in the UK and internationally;

--an emphasis on 'high tech' and IP and the promotion of new technologies for enhancing oil and gas drilling and production.