• Dr. Asemipour was appointed as the Chairman of IOC, replacing Mr. Hedayatzadeh Razavi. We welcome him to his new post and wish him every success in his new role.      

• New site survey for Block 15/13a was successfully completed on 6th October 2007.      

• New site survey for Block 15/13a is expected to start around 19 September 2007.

• Mr.M.Ziracchianzadeh was appointed as a Director on 20th May 2007 and we welcome him to the Board.
• Mr.M.Rouhani and Mr.M.Khoee retired from the Board of Directors. We wish them a long and happy retirement and thank them for their dedicated service.

• Senergy Ltd won the contract for Well Service Management for the drilling of two wells in block 15/13a (HOOD)
• IOC Board decided to seek new investment opportunities to expand its North Sea operations.

Archive(Rhum)

• Rhum production continues successfully.
• Rhum was the first successful subsea HPHT in the world.
• New 3d seismic was acquired on block 3/29a covering Rhum and Eigg prospects.

Archive(Hood Discovery)                                                                           

• Block 15/13a comprehensive G&G and Engineering study completed.
• IOC approved budget of the new appraisal well on HOOD on 100% equity.
• IOC approved budget for drilling and exploration well in block 15/13a.
• Tender process to select MC contractor for drilling the wells has initiated.