Sky Petroleum, Inc. has announced that Crescent Petroleum Company International Limited, the operator of the Mubarak Field, has informed the company that mobilization of the Rani Woro drilling rig to the platform has been completed and the drilling operations on the K2-ST3 well have commenced.

The well is being drilled from the existing K wellhead platform to a sub sea depth of approximately 13,500 feet into the Ilam/Mishrif oil reservoir. It will be drilled as a sidetrack of the pre-existing Mubarek K-2 well which was drilled to test the deeper Thamama gas condensate reservoir. Results are anticipated in the third quarter of 2007 after testing of the well.

Additionally, the company has received USD 1,159,793 representing its net share of production revenue from the April 22nd, 2007 lifting. The H2 well has produced 83,692 barrels of oil as at March 31, 2007 since it went into production on May 16, 2006.

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