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Sky Petroleum, Inc. announced that Buttes Gas and Oil Co. International Inc. (“BGOI”), the operator of the Mubarak Field, has signed a contract with P.T. Apexindo Pratama Duta Tbk (JSX: APEX), the largest Indonesian oil and gas drilling company, to drill the first of two obligation wells using the Rani Woro jackup rig. The Rani Woro can operate to a water depth of 350 feet and has a 25,000 foot drilling capacity. The company expects BGOI to begin initial drilling operations, or spudding the well, prior to the end of January 2006.

On May 18, 2005, Sky Petroleum’s wholly-owned subsidiary, Sastaro Limited (“Sastaro”) entered into a Participation Agreement (“Agreement”) with BGOI, a wholly-owned subsidiary of Crescent Petroleum Company International Limited (“Crescent”), allowing Sky Petroleum to participate in two wells in the Mubarek Field, located in the United Arab Emirates.

BGOI estimates that the first well, Mubarak H-2, will take approximately 75 days to complete and results are anticipated prior to the end of April 2006. The rig will then be moved off location to another operator for one well and subject to the terms of the Agreement, will return to the Mubarak Field in approximately six months to drill and complete the Mubarak J- 3 well. Sky Petroleum expects the second obligation well will be completed prior to the end of 2006.

On September 15, 2005 the company announced the target locations for the infill wells to be drilled to the Ilam/Mishrif reservoir in the Mubarek Field had been selected. The wells will be drilled from existing platforms into the Ilam/Mishrif oil reservoir. The H-2 and J-3 wells target locations are located approximately one kilometer from wells which have produced oil from the Ilam/Mishrif. The field has complete 3D seismic coverage and extensive production and export infrastructure already in place with adequate capacity to process production from the two new wells.

“We are very pleased that this critical step in securing a rig has been completed by BGOI despite the tight supply of equipment,” said Brent Kinney , chief executive officer at Sky Petroleum, Inc.; “We are very excited about the potential of the Mubarek infill drilling program and look forward to results.”

The alliance with BGOI, a wholly owned subsidiary of Crescent, unites Sky Petroleum with one of the United Arab Emirates most established and successful, integrated low-cost operators with over 30 years of extensive experience in the region. As operator of the Mubarak Field for over three decades, BGOI brings extensive knowledge of the subsurface conditions of the Mubarek Field. The first commercial oil was produced from the Mubarek Field in the mid 1970’s and the field has been in continuous production since then.

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Contract Award for Major Refurbishment Project

Lamprell (LAM), a leading provider of diversified engineering and contracting services to the onshore and offshore oil & gas and renewable energy industries, is pleased to announce that it has been awarded a major rig refurbishment contract by the Millennium Offshore Services group (MOS). The contract relates to the conversion of the “MOS Frontier,” a three-legged Type MLT116C jackup rig, and is valued at approximately US$ 64 million.

The rig is a multi-purpose jackup unit capable of operating in water depths of 300 feet and it will be converted into an accommodation support vessel for the purpose of accommodating 290 personnel. The work on this project will be executed at the Group’s Sharjah facility.

James Moffat, Chief Executive Officer, Lamprell, said:

“Lamprell has a well-established track record for undertaking major rig refurbishment projects and so it is pleasing that one of our existing clients has awarded us a new contract for one of the largest refurbishment and conversion projects in our history. Rig refurbishment remains an area of traditional strength for the group and it is encouraging to have been selected by MOS for this high profile project.”

Samsung Engineering Co., Ltd, the first and largest engineering company in Korea, entered Kuwait with the KNPC Clean Fuels Project (CFP) worth 3.8 billion USD and signed the contract at the official signing ceremony with Kuwait National Petroleum Company (KNPC). The signing ceremony was attended by Samsung Engineering’s CEO & President Mr. Park Choong-Heum and Kuwait’s Minister of Oil, Mr. Ali Saleh Al-Omair.

Samsung Engineering will be responsible for engineering, procurement, construction and pre-commissioning on a lump-sum turnkey basis for the Mina Abdullah #1 refinery package located in the Mina Abdullah province, approximately 30miles southeast of Kuwait City. The entire package will be executed by a JV of Samsung Engineering(42.9%), UK’s Petrofac(46.9%) and CB&I Netherland B.V.(10.2%). Samsung Engineering’s contract amount is worth 1.62 billion US. The project is expected to reach its completion in 2018. The entire refinery development of Kuwait’s Clean Fuels Project will increase its capacity to 800,000 barrels per stream day (BPSD).

Samsung Engineering’s CEO Park Choong-Heum expressed, “It fills me with great pride and pleasure that we take part in such a momentous and historic project of Kuwait. Rest assured that Samsung Engineering will use its expertise so that we may fully contribute to Kuwait’s sustainability and economic growth. With our commitment to safety, we will make sure to deliver the project successfully and we hope to create a lasting business relationship with KNPC.”