Sky Petroleum was advised on January 4, 2007 by Crescent Petroleum Company International Limited, the operator of the Mubarak Field, that the jackup rig under contract to drill the second obligation well pursuant to the Participation Agreement will not arrive until the second quarter of 2007. The Rani Woro jackup rig, currently drilling for another operator in the region, is not expected to be released from its current obligations, due to operational delays with the current operator.
Sky Petroleum has been further advised that the jackup rig, when released from its current obligations, will go to dry dock for maintenance and inspection in order to retain its maritime class certificate. These delays mean that the second obligation well, designated Mubarek K2-ST3, will not spud until the second quarter of 2007.
