[ 26.April 2006 ]

First acquisition - iCalTech Ltd.

As part of our strategy, we will grow our company based on mergers and acquisitions, plus organic growth. We have now started negotiations with several UK, Norwegian and other companies, and expect to close several deals already mid 2006.

Our first acquisition is iCalTech Ltd. in Aberdeen, a company developing a innovative fiber optic well intervention system, a replaceable pump-down gauge system and a method to replace crown plugs in horizontal wellheads.

The fiber optic DTS well logging intervention method is based on a semi-stiff carbon rod that can be pushed into live wells, where we will be able to perform very accurate temperature logging in high deviation wellbores. Such DTS can be used for flow allocation, injection profiling, leak detection, cross flow detection, etc., and our technology is bringing in leading edge DTS technologies and knowledge from our partner Sensornet Ltd.

Ziebel will now start hiring personnel into this unit, fund and develop the technology and solutions, and create a basis for international growth out of Scotland.

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