MCube expects to commence Maluku exploration drilling 2007

Seattle-based petroleum firm MCube Petroleum Inc. said it planned to drill first exploration well in Halmahera PSC in North Maluku March 2007.

The company?s president Mukhtar Syed Kechik told a Dubai conference Wednesday that prior to the drilling, the company would run seabed logging and 1,000-km 2D seismic acquisition to determine drilling location.

MCube gets the rights to operate the frontier Halmahera Block for 30 years until 2033 through the 100% acquisition of Halmahera Petroleum Ltd?s shares. The Halmahera Block is located onshore and offshore of the Halmahera Island, covering an area of approximately 10,262 square kilometers. MCube is expected to commit USD16 million in the next six years to explore the Halmahera Block.(alex)