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Deep Venture  to Continue Drilling Kunene Through July

06-29-2008

The Sintezneftegaz-operated Kunene No. 1 well on Block 1711 offshore Namibia is now expected to continue drilling for oil and gas beyond the previously announced mid-June estimate to reach a total depth of 4,400 meters (14,435 ft).

The total depth is now anticipated in early July.  A decision to then continue drilling to a depth of approximately 5,500 meters (18,044 ft) has not yet been made.

The Republic of Namibia has classified the Kunene No. 1 as a "tight hole", meaning no information regarding the well may be released until such time as the Namibian government determines to make the information public.

Work is being carried out by Petrolia Drilling drillship Deep Venture.