The investment was led by Ferd Venture of Oslo, Norway, and included existing investors Energy Ventures of Stavanger, Norway; Scottish Equity Partners of Glasgow, UK; and members of ARKeX senior management. This is the third round of funding raised by ARKeX since 2004 and the largest
venture round for a service company supplying the onshore and offshore oil and gas E&P sector since 2003.

ARKeX's technology has already had a significant impact on exploration strategy by reducing overall exploration risk, making it a valuable leading-edge exploration tool for major energy corporations.

The company will use the funds to expand the operational capabilities of its airborne BlueQube(TM) gravity gradiometry imaging service and to accelerate production of its proprietary technology, the Exploration Gravity Gradiometer (EGG(TM)).

ARKeX's gravity gradiometry technology measures minute variations in the earth's gravitational field. It helps resolve complex geology, overcome seismic imaging difficulties and survey large areas quickly and cost effectively. Gravity gradient imaging is becoming an increasingly important tool for oil, gas and mining exploration companies, and the new investment will take ARKeX's BlueQube service to more globally diverse energy basins.

"This is a major step forward for ARKeX," said Kitty Hall, Chief Executive of ARKeX. "We are delighted that Ferd Venture has joined our existing investors and wholeheartedly welcome them onboard. ARKeX has performed surveys in North America and Africa, but there are many more basins of the world where our technology will be of vital importance. This investment means we can establish our services in new regions and accelerate the rollout of our EGG systems to meet increasing demand."

Helge Hellebust, Partner at Ferd Venture, said: "ARKeX has demonstrated the huge potential for BlueQube and the unique EGG. With demand for oil soaring, new technologies such as the ones ARKeX is developing and utilizing, will be at the forefront of worldwide exploration strategy. The potential for long-lasting competitive advantage gives ARKeX exactly the company profile in which we like to invest."

Leif Andre Skare, Partner at Energy Ventures, commented: "ARKeX has continued to prove the value in its BlueQube operations, and with the upcoming launch of the first EGG, it has a revolutionary product that will yield even greater success."

David Sneddon, Partner at SEP, said: "ARKeX has the potential to make a significant impact on oil and gas exploration costs and to open up new regions. Its superior technology, management and operational experience mean that ARKeX delivers real value to its clients. SEP is delighted to support the company and to invest for the third time."

About ARKeX
ARKeX provides geophysical surveys for the oil, gas and mineral exploration industry, using BlueQube(TM) technology. BlueQube is a cutting-edge technology that gives explorationists an accurate picture of subsurface geology. The key technology in BlueQube is gravity gradiometry. It measures minute variations in the earth's gravitational field to help image -- from an airplane or ship -- oil, gas and mineral bearing structures deep underground. ARKeX, based in Cambridge, UK, has offices in
Sherington, UK, and Houston, USA, and has global operational capabilities.

www.arkex.com

About Ferd Venture
Ferd Venture is one of Norway's leading venture capital investment companies and is a part of the Ferd Group. Ferd Venture is the group's investment vehicle specialising in early stage technology companies needing capital for commercialisation and growth. After the ARKeX investment, the Ferd Venture portfolio consists of 13 technology companies.
www.ferd.no

About Energy Ventures
Energy Ventures is an independent sector venture company, which specialises its investment activities in high growth technology companies within the energy sector. Energy Ventures currently has 15 active
portfolio companies and has previously played a pivotal role as an investor in companies such as APL, MTEM, SenseIntellifield and SenseEDM. Energy Ventures has offices and staff in Stavanger, Norway; Houston, USA; and Aberdeen, UK, and has a staff of 14 with a broad background from the upstream oil and gas industry and business development.
www.energyventures.no

About Scottish Equity Partners
Scottish Equity Partners is a leading European venture capital firm that helps entrepreneurs to build world class companies in the information technology, healthcare and energy-related technology sectors. SEP has a strong track record in the energy sector. It co-invested with Energy Ventures in energy services company MTEM, which was sold for US$275 million to Petroleum Geo-Services. The MTEM deal was named Venture Capital Technology Exit of the Year. SEP's portfolio includes a number of leading-edge companies in the energy sector, including battery technology firm Atraverda and Casings Technologies, which delivers major benefits in the construction of oil and gas wells.
www.sep.co.uk