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Drilling operations at F1 commenced on 30 September and the well reached a total depth of 2,164 m on 18 October. No significant porous zones were encountered in the primary Olpad objective and sands in the secondary Kalol objective were poorly developed. No evidence of hydrocarbons were encountered in either zone during drilling or logging operations.

F1 was the third and final well in the 2008 drilling campaign. The CB-ON/1 partners have agreed to release the rig while they reassess the remaining prospectivity of the block using data from the recently drilled wells.

Commenting today, Aidan Heavey, Chief Executive, said:

"The recent drilling campaign has completed our agreed licence obligations on CB-ON/1 but unfortunately results did not meet with our expectations for the area. The information and data gained from the three wells will now be fed into our regional model enabling us to focus on the forward exploration programme for the acreage."