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Oriental to farm-in on Okwok field offshore Nigeria

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The government of Nigeria has approved a farm-in by Oriental Energy Resources Ltd. into Okwok Marginal field in Oil Mining Lease 67 owned by Mobil Producing Nigeria Ltd. and the Nigerian National Petroleum Corp.

Oriental becomes operator of Okwok, which is 25 mi (40 km) offshore. Oriental will be joined by Addax Petroleum Offshore Nigeria Ltd. as technical advisor, pending government approval. Addax operates the lease adjacent to the north of Okwok where production is 50,000 b/d oil.

Oriental reports plans to drill as many as three appraisal wells using GlobalsantaFe High Island IX rig. If successful, first production could be in early 2008.

6/27/06

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