Almotamar Net - Oracle Energy Corp. announced today that it has been notified by Block 22 operator Yemen Mayfair Petroleum Corp. (YMPC) that good progress has been made on the drilling of the Beta-1 well. As of Sunday morning, November 6, 2005, a total depth of 1518 metres was reached and logs were run. Currently 9 5/8"casing is being set prior to commencement of drilling the prospective section down to 2500 metres. The well is designed to test the hydrocarbon potential of Upper Miocene reservoirs.

Oracle Energy Corp. holds a 15% participating interest in Block 22. Principals of YMPC were instrumental in the discovery of Yemen's first giant oil field in the mid-1980's, located in the Marib basin. Block 22, was awarded to YMPC in 1993. It encompasses 8,151 square kilometers within the Tihama Basin in the western region of the Republic of Yemen.

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Source: ccnmatthews