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Tuareg Capital, the private equity group with focus on Libya and Capital Management House, the Bahrain based financial institution, announced today that their investment initiative, the Libya Fund, via TAB Energy, a wholly owned subsidiary of the Fund has acquired a majority interest in Etelaf Oil Services, a Libyan based oil service company. TAB Energy will act as the Fund's platform to capitalize on the highly attractive investment opportunities within the Libyan hydrocarbon sector.

The acquisition is the first investment by the Libya Fund, created by Tuareg Capital to capture the opportunities available in Libya across a range of sectors including oil services, healthcare, real estate and other service sectors. Tuareg Capital is the original promoter and Fund Manager of the Libya Fund and Capital Management House is the lead sponsor and was responsible for structuring both the Fund and the acquisition in accordance with Shariah financing principles.

TAB Energy, through its drilling subsidiary, has already acquired a new generation on-shore drilling rig which will be operated by Etelaf, enabling it to offer world leading drilling technology to concession holders in Libya. An agreement has already been signed for the provision of drilling services with Woodside International, Australia's largest publicly traded oil and gas company. A management team with strong expertise in oil services and extensive experience of the Libyan market has been selected to spearhead ......................

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