Maybe this will bring a little excitement to the market today
Triton Announces Significant New Oil Discovery in West Africa
DALLAS--(BUSINESS WIRE)--Oct. 6, 1999--Triton Energy Limited (NYSE: OIL) today announced that it has made a significant oil discovery in Equatorial Guinea, La Ceiba Field. On test, the Mbini-1 well flowed 12,401 barrels of oil per day (BOPD) of 30 degree oil from one zone over an interval of 160 feet with a flowing tubing pressure of 897 pounds per square inch. Test results were constrained by the limited capacity of surface testing equipment. Preliminary analysis of the test data indicates that upon completion, an initial production rate from this well should exceed 20,000 BOPD.
James C. Musselman, President and Chief Executive Officer, said: "We believe La Ceiba is a significant discovery and represents the third major find by Triton in the last 10 years. We are proceeding rapidly to delineate the discovery, define the potential for additional oil accumulations on our licenses and evaluate options for early production from the field.
"The Mbini-1 discovery proves the existence of a working hydrocarbon system in the previously under explored Rio Muni Basin and opens up what may prove to be a very significant offshore West African hydrocarbon fairway," Mr. Musselman added.
Analysis of wireline logs and core data indicates a gross oil column of 742 feet in the well with net oil-bearing pay of 314 feet in four zones.
Brian F. Maxted, Vice President, Exploration, said: "As part of our plan to confirm the commercial potential of the field, we will accelerate appraisal of La Ceiba beginning in the fourth quarter of this year. We plan to drill an appraisal well and to acquire a 740,000 acre (3,000 square kilometer) 3D seismic survey to define the field and prove up other exploration prospects on the licenses for drilling next year."
The Mbini-1 well was drilled to a total depth of 9,700 feet in approximately 2,200 feet of water. The well is located 22 miles off the continental coast in Block G which along with Block F encompasses Triton's Equatorial Guinea acreage (approximately 1.3 million acres). The well will be maintained as a potential future producer.
Blocks F and G are located in the Rio Muni Basin off the continental coast of Equatorial Guinea, 150 miles south of the country's capital, Malabo and off the shore of the city of Bata. Triton has an 85 percent working interest in the licenses and is the operator. The other partner in the blocks is Energy Africa with a 15 percent working interest.
Triton Energy Limited (NYSE: OIL) is a Dallas-based international oil and gas exploration and production company with major oil and gas assets in Latin America and Southeast Asia. For more information about Triton: www.tritonenergy.com.
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