Voluntary Offer on Thule Drilling Withdrawn

Reference is made to the press release dated March 23, 2007 regarding the voluntary offer set forth by Vanguard Oil & Gas International Ltd on Thule Drilling ASA.

One of the conditions for the Voluntary Offer set by Vanguard was to receive a minimum of 51% acceptance rate. As per expiry of the acceptance period, Vanguard has not received the required level of acceptances and consequently, the Voluntary Offer has been withdrawn.

Vanguard continues to see interesting opportunities in Thule and hope to have a constructive dialogue with its board of directors giving Vanguard the opportunity to carry out a due diligence to enable the company to consider making a new offer to the shareholders of Thule.