DISCOVERY AT ARPATEPE 1 WELL

Aladdin Middle East Ltd., acting as Operator of Exploration License AR AME TMO EOT 3118 near the province of Diyarbakır, close to the town of Bismil, made an oil discovery at Arpatepe 1 Exploration Well at the Palaeozoic level. The DST tested 61 stands of light crude oil and further tests are being planned. Along with the joint venture partners, detailled information will be provided later concerning future plans and activity.

25.04.2008 11:40:48

OIL DISCOVERY AT NEMRUT-2 WELL

Our companies set 9 5/8’ casing at 4.298 feet on November 3rd, 2006 in Nemrut-2 well located in unified Production Leases with right sequence number ARI/AME-TMO/3215-3170 at Petroleum District XII, Gaziantep, SE Turkey.

As the drilling within the Sayındere formation was ongoing, a fracture was encountered and mud loss occurred. During circulation, live oil was encountered at the shale shakers.

As a result of DST-2, 37 stands of oil were recovered with gas, and the fact that no water was recovered, is of great importance. In consideration of the bottom hole pressures, it is deemed to be appropriate to put the well into production from this layer. Production estimates reveal that the well has the capacity to produce 1650 barrels of oil per day by setting it on a pump at 500 feet depth. The gravity of oil is measured at 23,9 API gravity. In order to be able to control the water, initial production rate of 400 barrels per day will be produced. The well will be completed at this level for the time being.

Nemrut-2 Appraisal Well is highly crucial because of the fact that it is a independent structure than Zeynel Field. There are already 4 to 5 drillable well locations in this trap. Upon test production of Nemrut-2, drilling program for the other wells will be developed.

Nemrut-2 well and trap was developed as a result of new evaluation of our existing fields and drilled solely with the capacity and possibilities of our companies without outside partners. It is a joint operation of Aladdin Middle East Ltd. (AME) and Southern Star Petroleum Production Drilling Contracting and Trade Inc. (Güney Yıldızı-GYP). The production will be sold to Batman Refinery.

14.11.2006 18:06:18

AME ENTERS EGYPT

AME ENTERS EGYPT

Aladdin Middle East Ltd. sent one of its rigs to Arab Republic of Egypt (Rig 7 National 80B) to serve as a drilling contractor for oil and gas companies operating in this country. This is the first time AME is engaging into a drilling campaign in the country and AME is pleased to offer its reliable and efficient services to the competitive drilling market in Egypt.

Rig 7 is a 1000 HP drilling rig and has the capacity to drill to 12.000 feet with 4 ½” Drill Pipe.

AME is interested in sending additional rigs abroad with particular emphasis to Arab Republic of Egypt and our efforts are ongoing in various new tenders.

16.02.2006 13:28:31

NEW BOARD OF DIRECTORS

Some changes occurred in the Board of Directors of Aladdin Middle East Ltd. After almost 50 years of active engagement in the upstream oil sector, Mr. Oyman Sayer, has left the Board of AME. Mr. Oyman Sayer will assume an Honorary Chairman status, enabling the new Board to benefit from his tremendous expertise in conducting operations in oil and gas business in Turkey.

The new Board is compromised of the following persons;

Mr. George C. Bruce, Chairman of the Board
Mr. Ecvet Sayer, Executive Vice-President
Mr. Cem Sayer, Executive Vice-President

It is expected AME to reorganize its E&P portfolio in Turkey with a recently structured E&P Group and expand the drilling operations of the company to Middle East and European countries initially on sole drilling contracting basis.

15.02.2006 09:14:51