The Vanco Group has concluded drilling operations in the Ras Tafelney area offshore Morocco. The group is exploring in Ras Tafelney under a petroleum agreement signed with ONHYM (formerly ONAREP) in January 2001.

In mid June, theSaipem 10000 drillship concluded operations on exploration well Shark B No. 1 130 km offshore in 2,128 m of water. The well evaluated primary objectives in the Upper Cretaceous and Albian, and a Lower Tertiary turbidite play as a secondary target. The total depth of the well was 3,976 m.

Shark B No.1 was the first deepwater exploration well drilled offshore Morocco in a new frontier area. The Vanco Group continues to evaluate the results of the Shark B No. 1 well and the prospectivity of the 5-million-acre Ras Tafelney area.

8/5/04