Oracle Energy fka OCL

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Oracle Energy partner Ascent contracts rig for Arrone-1

2006-08-23 18:30 ET - News Release

Mr. Nasim Tyab reports

ORACLE ENERGY CORP.: RIG CONTRACTED TO DRILL ARRONE-1 WELL ON FIUME ARRONE PERMIT, ITALY

Oracle Energy Corp. has been notified by Ascent Resources PLC that Ascent's Italian subsidiary has contracted a rig to drill the Arrone-1 well on the Fiume Arrone permit near Rome's Fiumicino Airport. Subject to Italian regulatory approval, the rig is expected on location to commence drilling on or about the end of October, 2006.

The 358-square-kilometre onshore Fiume Arrone permit, is along the coast of Italy to the west of Rome. It contains the Roma 1 and Roma 2 wells drilled in 1955, the latter of which was reported to have had shows of gas. The first well, planned to be 950 metres deep, will target a gas prospect identified from seismic.

Oracle Energy holds a 20-per-cent interest in the Fiume Arrone exploration permit. The other partners with an interest in the permit are Ascent Resources PLC (40 per cent), Italmin Exploration (30 per cent), and JKX Oil and Gas PLC (10 per cent).