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Sky Petroleum updates operations on second Mubarak well

Sky Petroleum, Inc., an oil and gas exploration company, announced that Crescent Petroleum Company International Limited, the operator of the Mubarak Field, has informed the company that the Mubarak K2 ST3 well is currently drilling at a depth of approximately 10,500 feet. The Rani Woro drilling rig successfully cleaned out the casing on the existing K2 well and milled a window in the casing at a depth of 8,974 feet.

The well is being drilled from the existing K wellhead platform within the field boundary, to a planned sub sea depth of approximately 13,200 feet. The well will penetrate the Ilam/Mishrif oil reservoir which has produced over 86 million barrels of oil from Mubarek Field. Results are anticipated in the third quarter of 2007 after testing of the well.



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