Altinex Announces Spud of Rau Well in Denmark and Provides Update on Maeen Well in Oman

Wednesday, April 04, 2007

On 1 April 2007, Altinex Oil has as Operator spudded the Rau-1 well in the Danish offshore Licence 7/06, 265 km vest of Esbjerg with the drilling unit Noble George Sauvageau.

The Rau-1 well is the first well that Altinex drills as Operator in the Danish North Sea, and it is also the first well to be drilled on a licence awarded in the Danish 6th round in May 2006.

The well will be drilled to 2530 m depth. In case of discovery of hydrocarbons, two sidetracks are planned.

Partners in DK Licence 7/06 and the Rau-1 well are:

Altinex Oil Denmark A/S: 40% (Operator)
RWE Dea AG: 40 %
Nordsøfonden: 20 %

The Maeen-1 well in Oman has experienced severe drilling problems in the shallow section. The original well was plugged and abandoned and a new well was spudded on 22nd March 20 meter from the original location.The re-spud has successfully drilled the problem zone and drilling will now continue towards the target as per programme.



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