[ 23.Novemember 2006 ]

Ziebel AS Secures 37,5 Milion kroner in
Finacing from Viking Venture II AS

Capital investment will provide funds for the execution of the acquisition and growth strategy of this ambitious venture

Stavanger, Norway. 23rd. November, 2006

Ziebel AS, announced it has secured a 37,5 million Norwegian kroner participation in the Energy Ventures led financial consortium from the venture capital fund Viking Venture II AS.

Viking Venture II AS has invested a combination of direct equity and shareholder loan guarantee as part of the financial consortium backing Ziebel. Ziebel’s USD 23 million financing package provides the Company with the capital strength to realize its goal of rapidly growing into a substantial international oil service company focusing on technology for well completions, down hole artificial lift, well bore monitoring and well intervention.

The vision for Ziebel is to deliver products and solutions that are reservoir optimized, creating value for oil and gas company customers and rapidly mature to be recognized as the most efficient and innovative well technology company in the world. This financing will give the Company the resources it requires to further actively pursue its acquisition strategy and to fund the working capital required to pursue the integration of those acquisitions into the Ziebel Group and their growth.

“We are very pleased to be able to actively participate in this exciting venture” said Shane McElroy, Partner, Viking Venture and a Director of the board of Ziebel. “Our investment and the involvement we will continue to have with the Company will assist Ziebel and the management team led by David to reach the next phase of business success.”

“Energy Ventures II KS conceived and was the first to invest in the formation of Ziebel and the recruitment of the management team,” said Einar Gamman Chairman of Ziebel AS and partner in Energy Ventures. “This latest investment confirms the interest the venture has generated in the financial community and we are delighted to have the new investors onboard.”

“This Management team and board directors have broad ranging and relevant experience in developing companies from an early stage, from mergers and acquisitions and in the oil and gas service industry.” said Erik Hagen, Managing Director of Viking Venture Management AS, ” We aim to assist Ziebel to be a well recognized and leading name in the oil and gas service industry within a few short years."

“Summarizing the unanimous feeling of the management team,” said David Ottesen, a co-founder and the CEO of Ziebel, “we are delighted with the investment that has been made in the future growth of our business.”

About Ziebel AS

Ziebel was established on the January 1st, 2006 by industry recognized well production technology experts and senior management. Since its establishment, Ziebel has worked on growing its business based on mergers, acquisitions and organic growth and has so far completed the acquisition of UK companies iCalTech Ltd. and Axon Instruments Ltd.

About Viking Venture

Viking Venture, founded in 2001, is one of the leading technology focused venture funds in Norway with $100 million under management. Viking Venture focuses on early-phase investments within ICT and Energy in Norway and the Nordic countries. The investment team is backed by major Norwegian industrial and institutional investors. For more information please visit www.vikingventure.no

Press Contacts:

David Ottesen Chief Executive Officer Ziebel AS Cellphone : +47 9549 5040 Email: david.ottesen@ziebel.biz

Einar Gamman Chairman of the Board Ziebel AS Cellphone: +47 916 37105 Email: einar.gamman@energyventures.no

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