ASOP News:

Hurricane Katrina December 12,2005

Anglo-Suisse suffered significant damage due to the passage of hurricane Katrina through the West Delta area on August 28, 2005. Both operated properties in West Delta and non operated properties in Main Pass and South Pass were affected. After the passage of Katrina 100% of operated and non-operated production was shut-in. Anglo-Suisse expects to reach pre Katrina production levels by April 2006

WD 29, WD 28, WD 27. All facilities suffered some degree of topside damage, and all production was shut in. Repairs to topsides have been made and first production was recorded in WD 27 on October 17, and on October 21 in WD 29 and WD 28. By October 28 production was restored in WD 29, WD 28 and WD 27 to pre Katrina levels.

WD 117, WD 118. In WD 117, 5 platforms were toppled to the sea floor. The G platform in WD 117 suffered topside damage. Pipelines in WD 117 also suffered significant damage. Most topside repairs have been completed, and new pipelines will be installed in December 2005. Production is expected to recommence from the G platform in January 2006. Drilling is underway in WD 117 to replace wells lost from downed platforms, a replacement platform will be installed in late January 2006 and first production from this new platform is expected in March 2006.

Non Operated Properties. Non operated assets in MP 296, MP 311 and SP 33 also suffered significant topside damage. After the passage of Katrina all non-operated production was shut in. Repairs to all facilities are being carried out by the property operator and production is expected to restart by the end of the first quarter of 2006.