In Q1 2008 we earned a 41% equity interest in Bugle (Block 15/23d) by paying 65% of an appraisal/production. The results of the appraisal drilling were very positive as significant oil columns were encountered in the Dirk Sand and Upper Galley Sand zones. We plan to return to Bugle to establish the oil/water contact and determine the aerial extent of the reservoir. The preliminary target for initial oil production from Bugle is 2010. Please see our press release dated February 26, 2008 for more information.










Bugle