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 A comprehensive seismic reprocessing program, including review and integration of all geophysical and geological data, has been successfully completed on the Nogal Block. The Company has entered into a contract for a drilling rig to begin drilling on the Puntland concessions during 2008. The contract effective date is February 19th, 2008 and covers the drilling of two wells with a two well option. It is a standard day rate contract and was negotiated at competitive rates. Mobilization of a seismic crew to the Dharoor Valley block in northern Puntland is proceeding smoothly. Recording is planned to start before the middle of May. Approximately 2600 km of high quality 2D vibroseis data will be acquired as part of the comprehensive exploration program planned for the Dharoor Valley. Preparations for drilling in the Nogal Valley block have also been proceeding well. Although plans to spud the first well in July were well advanced, it has been decided to delay the start of the drilling program. The recent upsurge in civil unrest in southern Somalia and piracy around Somalia's coast have given rise to significant logistical difficulties in shipping large amounts of heavy equipment and supplies to the drilling location. After close consultation with the Puntland Government, it has been decided that the prudent course of action is to delay the drilling program temporarily while local issues are resolved by relevant authorities. A drill program is also being planned for the Dharoor Block to follow the drill campaign at Nogal.
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