(Oslo, January 15, 2008) Aladdin Oil & Gas Company ASA has made an oil discovery on the West Uthinskoye license (WU) in the Timan-Pechora region in Russia. The discovery is considered a milestone in the development of the licence.

The WU #17 well in Timan-Pechora will be drilled to a depth of about 250 meters prior to logging and testing. The objective is to start test-production during the first half 2008. The oil-bearing zone is located at a depth of 210 meters. Core samples show a substantial zone with sandstone containing oil.

“Through this discovery we have found a new field. If we conclude that the discovery is commercially viable, we will develop an extensive drilling program of production wells in the vicinity to ensure a speedy build-up to a significant production volume,” said Espen Glende, Chief Executive Officer of Aladdin. Glende adds that the wells are quick to drill because they are shallow.

The WU license is approved as a production license, which simplifies the commercialization processes.

Aladdin already produces oil at its license in Orenburg and has previously announced its decision to commercialize a significant gas discovery at the MS license in Uktha.

A scheduled overhaul of all seven wells in Orenburg is ongoing. Plans for the 2008 drilling program are on track and drilling is expected to begin during the summer of 2008.

For further information, please contact:
Chief Executive Officer Espen Glende at telephone # (+47) 906 05 434

Aladdin Oil & Gas Company ASA er et norskbasert E&P-selskap, med hovedkontor i Oslo, som er notert på OTC-listen til Norges Fondsmeglerforbund under tickerkoden AOGC. Selskapet eier det russiske oljeselskapet OOO Geotechnologia, som besitter to lisenser i Timan Pechora-provinsen i nordvest-Russland, samt Company ZAO Orneftegaz i Orenburg-området. Selskapet har rundt 80 ansatte.