Naftex Energy Sells Interest in WEEM Concession to Lukoil

Naftex Energy Corporation and its subsidiary Coplex (Egypt) Limited announce that the final closing date of the agreement they have entered into with LUKOIL International (Cyprus) Limited, Vanguard Oil Corporation and Cabre Exploration (Cyprus) Limited, pursuant to which Coplex Egypt will sell all of its interests in the West Esh El Mallaha area concession in Egypt (the "WEEM Concession") to Cabre, has been extended to October 7, 2002.

The completion of the transaction is now subject only to the Minister's final approval. The delays are, as the parties are informed, due to technical reasons only and were incurred prior to the Minister's final approval. Thus the parties have agreed to extend the closing date by six days. The parties are confident that all approvals will be obtained within the time limits now set.