New Appointments, Product Launches And Orders Accelerate OILspace Growth

London, August 29, 2006

OILspace, provider of web-based applications for market information, trading, risk and supply chain management in energy and related sectors, is today entering the next phase of its growth with a stronger management team, a broader product portfolio and a firm order book.

The move comes with four new appointments, upcoming product launches to take the company into untapped markets, and substantial new orders from existing and new customers. Together these round out OILspace's skills and technology base and create a foundation for rapid future growth, according to president and CEO Steve Hughes.

"To date we've been establishing our technology and market lead, building up a solid customer base of global companies and proving that the OILspace formula works. Now everything is in place for repeating that success on a much broader scale by moving up into new markets and new industries, as well as by expanding our energy portfolio."

First plank in OILspace's growth strategy is a strengthened management team. Joining the company are chief financial officer Rhys Edwards and vice president of professional services Elena Grinev.

Edwards, who joins from the UK arm of the $100M turnover TRM Corporation, brings considerable experience in mergers and acquisitions. In his last position he helped achieve a business turnaround and also supervised the integration of multiple acquisitions. Elena Grinev joins from global consulting firm Gen3 Partners and brings a wealth of experience in growing software companies. Her track record includes helping drive a $5m to $163m increase in revenues in three years at Akamai Technologies.

Also appointed are Duncan Grant, sales director southern Europe for the ASPect Office Supply Chain Management (SCM) and Energy Trade Risk Management (ETRM) application suites (www.oilspace.com/eng/applications/supply.php) and Yagnesh Savania, global sales director for the OILwatch energy market information and decision support portal (http://www.oilspace.com/eng/applications/energy.php).

Previously with the energy business solutions arm of Siemens AG, Grant also worked at SunGard Energy Systems. He has considerable experience in energy trading and risk management and is fluent in five languages. Savania, formerly responsible for OILwatch sales in EMEA, now heads the worldwide sales team. Having helped grow the OILwatch energy user base exponentially, he will now spearhead sales into new sectors as well as established markets.

Key to OILspace's growth are a number of future product launches. These will see the company's energy market information, content management and analysis solutions extended into wider commodities sectors with several new tools designed to more quickly uncover revenue opportunities, and enhance profitability in buy/sell decisions. Its enterprise ASPect Office SCM and ETRM solutions will help companies achieve the optimum balance of supply and demand while reducing business risk, transport costs and inventory costs against a possible backdrop of unplanned market events.

Features of both product lines will be in a new family of middle tier solutions which, for the first time, will give OILspace access to a large and so far untapped market. The company's common technology architecture - dubbed Energy Service Bus - enables speedy integration and evolution of the product family.

"With the team complete, the move into new markets already under way and product development on course this is an exciting time for OILspace. A strong order book going forward is a sign that our customers think so too," adds Hughes.

OILspace is a leading global provider of real-time on-demand, web-based applications for oil, gas and petrochemical marketing and supply operations. Launched in 1999, OILspace solutions now run through over 400 companies of all sizes and roles within the energy supply chain. OILspace has a proven track record for delivering scalable solutions that produce measurable returns-on-investment (ROI).

OILspace applications include OILwatch^SM, the real-time and historical market data portal with analytical tools, and news and prices from global industry exchanges and media sources. OILwatch is flexible and mobile and fully accessible via any internet enabled device, including workstation, laptop, Pocket PC, PDA and BlackBerry devices. Complimentary trials are offered at www.oilspace.com/eng/forms/free_trial.html. ASPect Office®, a suite of integrated front and mid-office applications, solves supply chain challenges, and links operations, processes and data across multiple offices and assets. It provides management with visibility and the tools to measure, manage, monitor and improve business through performance metrics. TeamWorks® makes oil transactions and distribution easier, more efficient and more profitable for the shipping community. Integrated oil companies, traders, charterers, fleet owners and brokers collaborate to maximize results.

Contacts:

OILspace US/ Canada
Brigette Gebhard
bgebhard@oilspace.com
+1 732 797 0046

OILspace EMEA PR Agency
Sage Partnership
info@sagepartnership.com
+44 1189 344007

OILspace Asia-PAC
Kishor Sujanani
ksujanani@oilspace.com
+86 21 6122 1075