Energy Ventures Announces 12 Million NOK (GBP 1 million) Investment in Caltec Ltd.

Stavanger, Norway, February 13, 2004 - Energy Ventures, a leading venture capital business partner for emerging companies targeting the energy sector, today announced a 12 Million NOK investment in Caltec Limited, an innovative supplier of production improvement and separation equipment for the oil & gas industry world wide located in Luton outside of London. The UK based company 121 SC Limited will be co-investing with Energy Ventures in the deal.

Caltec has several unique and patented technologies. The Wellcom system offers immediate benefits to oil and gas companies by lowering wellhead pressure and thus increasing production.
The I-sep technology offers a novel approach to separation technology whereby oil and gas or oil and water are separated in a compact and light weight unit. Customers include BP, ExxonMobil, Marathon and Agip.

Caltec will use the funding to support aggressive expansion in the areas of sales, marketing, support and development, and thus establishing itself as a world leader in its field.

"We believe the Caltec technology offers a unique and compelling value proposition to the oil and gas companies," said Ole Melberg, Energy Ventures Managing Partner. "We are delighted to join forces with a management team which has an outstanding track-record in development of innovative cost effective technologies."

David Turley, Chief Executive Officer, said "We are extremely pleased to be forming a long term relationship with Energy Ventures as they are experienced energy sector investors and bring a wide range of additional abilities to the Company. The investment proved a double success arriving so soon after the company won three prestigious awards for its Innovative Technology."

Further enquiries:
Caltec Limited: Dave Turley, +44 1234 756 056
Energy Ventures: Helge Tveit, + 47 51 84 12 97

About Caltec Limited
Caltec Limited was established following a management buy-out from the BHR-Group in early 2003. The BHR-Group's oil and gas division, headed by Dave Turley, developed the I-sep and Wellcom technology during the last 10 years. Caltec management will hold the majority of the shares following Energy Ventures investment. Further details about the company and be found at http://www.caltec.com/

About Energy Ventures
Energy Venture is an independent venture fund based in Stavanger, Norway. The fund specialises its investment activities in high growth technology companies within the energy sector.
Energy Ventures' main focus is on upstream E&P technologies, but consideration is also given to mid- or downstream technologies as well as to power and environmental technologies for the energy business. New technologies and smart applications of same offering improved performance, productivity gains, cost reductions and the opening of new territory for E&P activities are key drivers for investments made. The fund invests in high growth North Sea based technology companies that successfully markets and sells proprietary or unique technology products or solutions to the international market. More information can be found on: http://www.energyventures.no/