I am delighted to present to you the first edition of the MB Holding NewsReview, which reports on the latest developments and achievements of the MB Group of Companies for the past few months.

I am pleased to inform you that MB Holding made a significant progress in 2006. Despite market complexities and turbulence, we have successfully expanded our business by securing new contracts and entering new markets. Our dedicated and motivated team of more than 3,000 employees is striving hard to further strengthen our reputation as one of the leading Middle Eastern companies in providing integrated oil and gas well engineering services and exploring and producing oil, gas and mineral resources responsibly and cost effectively.

In our efforts to grow, we remain committed to sustaining and adding value to the society, the environment and the economy wherever we work in. As a responsible corporate citizen, we have a proven track record of forging social partnerships with the communities by developing nationals in the countries we operate. We strongly believe in the localization process, by not only promoting Omani talent in Oman but also follow the same philosophy globally. More than 80 percent of our employees are nationals of the respective host countries where MB Holding’s subsidiary companies operate.

We always follow a proactive approach in not only meeting but forecasting the demands of the Oil and Gas industry. Despite equipment and delivery cost increase, we have invested substantial funds in acquiring new equipment thereby significantly expanding our fleet of drilling rigs, hoists, wireline units, well testing units and support services. This aggressive investment in acquiring new equipment and services will continue throughout 2007.

In recognition of our excellent track record and confidence in our ability to build solid foundations for growth, in 2006, we have been increasingly entrusted with a number of new projects in the Middle East, India and Africa. MB Petroleum was awarded a contract in Mozambique for well testing, wireline and drilling fluids thereby expanding its geographical coverage into Africa. Petrogas E&P LLC also had its first international success in 2006 when it was awarded 3 exploration blocks (two offshore and one onshore) in India.

As a recognition of its growing stature, in 2006, MB Completions won two major contracts; one with PDO for 5 years and another with Occidental for 3 years. Interestingly we took over Occidental contract from Halliburton, which had the contract for the last 15 years!