Dover Petroleum Updates Egyptian Drilling Activity

Dover Petroleum's first well in the southwestern corner of the gulf of Suez in the East Wadi Araba Concession is on schedule and within budget. As of December 15, 2002, drilling was at a depth of approximately 3,825 feet (1,165 meters) below surface. Stratographic horizons appear to have been identified at higher levels than projected, leading to the conclusion that the domed structure is old and likely existed as a trap for oil during the main oil migration. The drill is nearing the Matulla Sands target horizon, expected to be at 4,250 feet (1,295 meters) which, in other parts of the Gulf of Suez, has been a primary source of oil production. Dover cannot be sure that such other results are indicative of the results that the current drilling program will achieve.

Dover Petroleum's CEO, Mr. Robert Salna, visited the drill rig on December 13, 2002 and commented, "The operations on the Senusret Rig seem to be going smoothly with no apparent technical problems. All on board are working together in an effort to obtain successful results. Special thanks to Dr. Ghareeb Awad for his diligent supervisory efforts."