Pentex Management Ltd.

Pentex Management Ltd., a privately owned U.K.-based energy company, has retained Waterous & Co. to sell the company, which is focused on onshore U.K. oil and gas production, power generation and gas storage. The current management of Pentex acquired the assets following a management buy-out in 2002 from Sibir. Pentex has drilled three development wells and one exploration well since then. The shareholders are seeking cash for the entire company, which includes 10 producing fields and associated infrastructure in the East Midlands, two producing fields and associated infrastructure in the Weald Basin, a power-generation facility, gas-storage potential and significant acreage with identified prospects. The package consists of operated interests with 100% working interest in all assets with the exception of Avington in the Weald Basin, in which Pentex holds an operated 50% interest and the PEDL 128 license in the East Midlands, in which Pentex holds a nonoperated 50% working interest. The assets have production of 2,200 barrels of oil equivalent per day. The onshore assets contain remaining proven-plus-probable reserves estimated at 26 million barrels and 8.7 billion cubic feet. For more information, contact Mark Llamas, +44 20 7569 1302.