Aladdin Oil & Gas Sees Promising Results in Uktha

Aladdin Oil & Gas Company ASA has completed two drilling programs on the company's licenses in Uktha in Russia. The drilling and logging results are considered as promising.

Well MS #16 A on the Middle Sedolvskoya license by Uktha is drilled to a total depth of 760 meter. After completed logging, 2-3 very interesting zones are found and the testing of these zones is under preparation.

- The log is promising and we believe that at least one of the zones contains oil- or gas reserves worth operating, says Espen Glende, CEO in Aladdin Oil & Gas Company ASA in a comment.

The zone testing will take place over several weeks and the results will be communicated to the market upon completion.

Well WU #15 in the West Ukhtinskoya license by Uktha is drilled to a total depth of 310 meter and the testing of one interesting zone is completed. It was found hydrocarbons in the zone, but not sufficient for commercial operations. The rig and equipment are now moved to a new location, well WU #15, in the north of the license. The drilling on the new well is expected to be initiated in a short period of time.