Offshore staff

VIENNA, Austria --OMV has agreed an assets swap with Island Oil and Gas concerning their respective interests in Albania and western Ireland.

Island will assign OMV 50% of its Atlantic Margin frontier exploration license 3/05, covering an area of 715 sq km (276 sq mi), 70 km (43.5 mi) offshore Ireland. This includes one potentially huge exploration prospect, Killala, which Ireland believes may extend over 80 sq km (30.9 sq mi).

In exchange, Island will gain 50% of OMV (Albanien)'s Durresi exploration block, which stretches over 4,200 sq km (1,622 sq mi) along the Adriatic coastline of western Albania. Both transactions are subject to approval from the two countries' competent authorities.

4/17/2007