Altinex Boosts Norwegian Portfolio

Altinex Oil AS has been awarded equity in one new production license on the Norwegian Continental Shelf in connection with the Norwegian APA 2006 licensing round. The awards were announced by the Ministry of Petroleum and Energy on January 29, 2007.

The award increases Altinex' Norwegian portfolio to nine production licenses and strengthens the company's potential reserves--and production growth through exploration activities.

Altinex applied for three licenses, two of which the authorities decided not to award to any company at this point in time.

The awarded license is:

Blocks 15/8 & 9 with the following participants:

--Altinex Oil AS, 30%
--Pertra AS (operator), 70%

The license is located next to the Sleipner field and contains several prospects that will be technically evaluated before a decision about drilling is made.

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