Oracle Energy Corp.
Oracle Energy Corp.: Rig contracted to drill Arrone – 1 Well on Fiume Arrone Permit, Italy
Corporate news transmitted by DGAP – a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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August 23, 2006- Oracle Energy Corp. (“Oracle”) (OCL-TSX.V)(O2E-Frankfurt)
(OECPF-Pink Sheets) announces that it has been notified by Ascent Resources
Plc that Ascent’s Italian subsidiary has contracted a rig to drill the
Arrone – 1 well on the Fiume Arrone Permit near Rome’s Fiumicino airport.
Subject to Italian regulatory approval, the rig is expected on location to
commence drilling on or about the end of October, 2006.
The 358 sq km onshore Fiume Arrone Permit, is along the coast of Italy to
the west of Rome. It contains the Roma 1 and Roma 2 wells drilled in 1955
the latter of which was reported to have had shows of gas. The first well,
planned to be 950m deep, will target a gas prospect identified from
seismic.
Oracle Energy holds a 20% interest in the Fiume Arrone Exploration Permit.
The other partners with an interest in the Permit are Ascent Resources plc
(40%), Italmin Exploration (30%) and JKX Oil and Gas plc. (10%).
Oracle Energy Corp. is a Canadian based international oil and gas company
with interests in Italy, Yemen, Romania and Peru.
ON BEHALF OF THE BOARD
Nasim Tyab
President
Contact Germany:
Value Relations GmbH
Mail: oracle@ir-services.de
Tel.: 069/959246-13
(c)DGAP 24.08.2006
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