Partners Say the Poune Well a Duster

Following the successful oil and gas discovery in the C-4-6 Tiof exploration well (Tiof-1), the Poune exploration well (Chinguetti 5-1 Poune) commenced drilling on November 16, 2003. The well was targeting a Cretaceous reservoir, a different target to the younger reservoirs found at Chinguetti and at Tiof. The well was drilled to a total depth of 3,285 meters and wireline logs were run. The logs show that the well has encountered no significant hydrocarbons in the primary Cretaceous target, although minor hydrocarbon shows were found in shallower Tertiary sandstones. The well will now be plugged and abandoned.

As a follow up to the Tiof-1 discovery, the Area B joint venture has now taken the decision to extend the original exploration program by drilling an additional well, Tiof West, directly after the Poune well. Tiof West is a step-out exploration well located approximately 8 km from Tiof-1. It will further evaluate the extent and nature of the hydrocarbon accumulation in the Tiof sand channel system.

Participants in the Tiof well and PSC Area B are Woodside Mauritania Pty Ltd (Operator) 35.0%; AGIP Mauritania BV 35.0% Hardman Resources Ltd 21.6%; Fusion Mauritania B Limited 6.0%; Roc Oil (Mauritania) Company 2.4%.