Potential Oil Fields Being Opened for Exploratory Drilling in the Atlantic Northeast of Iceland

    REYKJAVIK, Iceland, Aug. 12 /PRNewswire-USNewswire/ -- Following the
decision of the Icelandic government to start tendering exclusive licences in
January 2009 for oil exploration in the Dreki area (in the Atlantic, northeast
of Iceland on the Jan Mayen Ridge, between Iceland and Jan Mayen Island), an
international conference has been announced in Reykjavik on 4-5 September. 
The Icelandic National Energy Authority and the Ministry of Industry have
organized the conference, which is entitled Iceland Exploration Conference

    The speakers at the conference are specialists from the Nordic countries
with extensive experience in geological research and oil exploration in the
North Atlantic. The conference is intended for geologists, exploration experts
and new development managers at oil exploration and oil companies.

    Seismic surveys and other geophysical measurements indicate that
producible quantities of oil and gas could be found in the Dreki Area as they
have been in adjacent and geologically similar areas. Recent strides in
drilling and production technology along with other nations' experience with
oil and gas production at great ocean depths and in northerly regions have
made searching for these resources in the area possible. Further research,
including exploratory drilling, is necessary to verify whether oil and gas
exist in the area. The Government's decision is based on the findings of a
detailed strategic environmental assessment report on the matter.

    "We have high expectations of finding oil in the Dreki area since
scientific research has indicated that valuable oil resources may be found
there," said Minister of Industry Ossur Skarphedinsson. "We therefore urge all
parties interested in new oil fields in northern areas to attend the
conference in Reykjavik."

    Mr. Kristinn Einarsson, Project Coordinator at Icelandic National Energy
Authority, says: "At the conference we will go through geological data on the
area as well as inform on taxation and financial conditions."

    International companies have already shown keen interest in explorations
in the Dreki Area.

    The Iceland Exploration Conference will be held at the Hilton Nordica
Hotel in central Reykjavik. Participants from several countries have already
registered. All conference information is available on www.nea.is

    Iceland; Icelandic National Energy Authority

For further information:

For further information: Mr. Kristinn Einarsson, Project Coordinator at
Icelandic National Energy Authority, + 354 863 9974, ke@nea.is Web Site:

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