Tibat-1 Well Reaches Total Depth

The Tibat-1 well has been drilled to a final Total Depth of 3,097 meters. The TD is some 250 meters deeper than originally planned. The well is targeting Cretaceous age limestone reservoirs, similar to those already producing in the nearby Bukha Field.

Electric logging operations of the 6" hole section were completed on Dec. 29th on the basis of which the joint venture has decided to run 5" liner and carry out a testing program of the reservoir section. Details of the testing program will not be finalized until the electric logs and other data have been fully interpreted.

It is currently anticipated that initial results from the testing will be available in about two weeks' time, subject to operations.

Participants in Tibat-1 well are: Novus Petroleum as operator with 40%; Atlantis Holding Norway AS with 25%; Eagle Energy (Oman) Limited with 10% and LG International with 25%.