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Tunisia Remada Sud

Remada Sud

Storm Ventures International Inc. has a 71% interest in the 1.2 MM acre Remada Sud Exploration Permit in the Ghadames Basin of Southern Tunisia. We completed the drilling of an exploration well to test the Ordovician potential on a 60sq. km structure on the eastern side of the permit that has been confirmed as an oil discovery. The well flowed 300bopd of 45 degree API crude oil prior to being fracture stimulated. We will be testing the well during August 2008 and will determine the commerciality and development potential by year end. In addition to further appraisal of the TT2 discovery we also have a second similar sized structure that we will evaluate on the block.

The block has exploratory potential in the Ordovician, Silurian Acacus and Triassic Ras Hamia formations. All three zones are proven commercially productive from adjoining blocks in Libya or Tunisia. The Silurian Tannezuft has been proven to be mature over the block and Individual prospects appear to be 5-100mm BOIP. Ordovician test well depths will vary from 1500 - 3000m. In addition to the proven play concepts defined by offsetting production, there are at least two additional trap configurations that are prospective on the block.

The highlight of our quarter was the drilling and completion of the TT2 Ordovician Oil discovery (71% SVI interest) on the Remada Sud permit in the Ghadames Basin. The well finished drilling in late April and completion operations started in mid July. The well flowed 300bopd of 45 degree API crude prior to stimulation and is currently shut in waiting on swab equipment to further evaluate the well. Initial flow back results post frac indicated higher water cuts but the conditions have not stabilized and we are still over 700 bbls short of all the load fluid pumped tocarry the frac. It is reasonable to expect we may have more conclusive results by the end of August. Given the 57 m column and 60sq km mapped closure the structure could contain in excess of 100mm Boip.

Hammamet Offshore

Additionally, Storm Ventures International has 50% interest in Hammamet Offshore Exploration Block with over 1.1 MM acres in the Pelagian Basin offshore Tunisia.

The block contains the previously developed Tazerka oilfield and is offset by eight proven oil discoveries. The Tunisian authorities granted the block to SVI on June 2005 for a period of 5 years starting September 13, 2005, under favorable fiscal terms and a relatively low work commitment consisting of one exploration well and 200 km2 of 3D seismic.

We are evaluating the potential reactivation of the Tazerka field including a potential extension to the south. In 2007 we shot a 600 square km of 3D seismic to evaluate large untested structures previously recognized on the block and high-grade the most prospective test well location on the block that should be drilled in 2009. Storm has farmed down our ownership position in the block and we will pay 10% of the well cost and retain a 50% interest.

In the Gulf of Hammamett the publication of our purchase of 66% of the Cosmos discovery and 100% of Yasmin was gazetted, which represents the final stage of approval, and the documentation to facilitate the transfer of the last one third at Cosmos to Storm was submitted. We have received expressions of interest in acquiring the one third interest we are divesting and will work to initially close the acquisition, and also the divestment, over the balance of the year. We have met with the Tunisian authorities on several occasions to insure alignment of our technical position to facilitate a smooth approval of the Cosmos field development plan which we hope to submit before the end of July. Subject to successful completion of our private placement we will order several long lead items in support of a fall 2009 drilling campaign in August of this year.

We expect to finalise an initial exploratory well location on the Hammamett Permit by fall 2008 and hope to drill it no later than fall 2009.

We had previously announced the selection of a contractor for an FPSO conversion for the Cosmos project on the basis of a competitive tender that was followed by preparation of a firm bid proposal based off detailed functional specifications. Unfortunately the final bid was an unacceptably wide variance from the competitive tender and as a result we have begun a re-tender process with selected parties from our initial indications and remain confident we will land a solution before year end.

Jenein Centre

In March 2007, SVI was also awarded Jenein Centre, a 60,000 acre onshore block on the Triassic Tagi oil trend in the Ghadames Basin of Southern Tunisia for an initial period of 2 years with a work commitment program consisting of 200 km of 2D seismic and one well. In 2007, we shot a 250 km 3dsurvey to and high-grade the most prospective drilling location for an exploration well in early 2009. We have secured a partner on a farmin basis and we will pay 30% of the well cost and retain a 65% working interest.