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Oracle Energy's partner spuds Fatima-1 well

2006-10-12 16:18 ET - News Release

Mr. Nasim Tyab reports

ORACLE ENERGY CORP.: DRILLING COMMENCES ON FATIMA PROSPECT, BLOCK 22, YEMEN

Oracle Energy Corp.'s project operator Yemen Mayfair Petroleum Corp. spudded the Fatima-1 well, block 22, Yemen, on Oct. 12, 2006.

The well is planned to a total depth of 2,250 metres and shall target the Middle Miocene that tested hydrocarbons in the Jaizan wells to the north, across the border in Saudi Arabia.

Oracle Energy holds a 15-per-cent participating interest in block 22, which encompasses 8,151 square kilometres within the Tihama basin in the western region of the Republic of Yemen. YMPC and its partners have invested in excess of $20-million (U.S.) on exploration programs to date. Principals of YMPC were instrumental in the discovery of Yemen's first giant oil field in the mid-1980s, located in the Marib basin. Block 22 was awarded to YMPC in 1993.