Storm Ventures International INC. (“SVI”) provided an update of its operational activities in Tunisia. SVI has completed the drilling and evaluation of the Oum Zoughar 2 exploratory test on the Remada Sud permit in Southern Tunisia. The Storm operated well has been suspended after the evaluation of the Ordovician and Silurian Acacus Formations. The Ordovician appears to be gas bearing but the reservoir quality is poor and no gas was recovered on completion. Light oil was recovered from the Acacus formation but at rates too low to be commercial at this time.
Further exploratory activity on five additional prospects identified on the 1.25 million acre Remada Sud block will be proposed after integration of all the newly acquired data and discussions with the Tunisian authorities and our partner Cygam Energy Inc. Although disappointed with the lack of commercial success in our first well, we are encouraged that light oil was recovered during the completion, which confirms a significant northern extension of the existing Acacus play over a large portion of our permit. We are actively evaluating additional opportunities in both southern Tunisia and on our 1.2 million acre Hammamet Offshore block. Depending on the availability of a seismic vessel in the region, we plan on completing a 3D survey in the Hammamet block over multiple prospects late in 2006 for drilling in 2007.