Enovation Resources Completes Financing

Enovation Resources has finalized a US 415 million loan agreement with a London-based institutional investor with significant oil and gas-related experience.

Diz Mackewn, Chief Executive of Enovation, commented as follows: 'We are delighted to conclude this finance initiative and to have the necessary capital in place to realize and accelerate our ongoing business plans.

As well as assuring our imminent drilling program in the Gulf of Mexico and existing operations in Asia Pacific, the provision of additional funds will now serve to underpin our plans for material growth in the UK Central North Sea through our wholly-owned UK subsidiary, Sussex Energy Limited.'

'We are excited that Sussex is presently in the process of concluding its first acreage acquisitions in the UKCS. The Enovation Group will continue to build its license portfolio and operations base during 2008.'

Enovation Resources Limited is a technology-focused independent oil and gas exploration and production company with existing projects in the Gulf of Mexico, North Sea and Asia Pacific region. Our aim is to unlock the full potential of hydrocarbon assets through the application of advanced geophysical technologies.

The head office is located in Hamilton, Bermuda, with regional offices in the UK, US and Singapore.