New Release from OIL this a.m.
Triton Confirms Significant West African Oil Discovery
DALLAS, Nov. 22 /PRNewswire/ -- Triton Energy Limited (NYSE: OIL) today announced that the Ceiba-2 appraisal well has confirmed the Ceiba Field in Equatorial Guinea as a significant oil discovery. Based on the results of the Ceiba-1 and -2 wells, an accelerated appraisal and development program will now be implemented to enable early production from the field.
James C. Musselman, President and Chief Executive Officer, said: "The Ceiba-2 appraisal well proved more than the minimum economic reserves necessary for Phase 1 development, the primary well objective, and substantially reduced key reservoir uncertainties. Importantly, the Ceiba-2 well indicates that the oil, in part, is likely to be stratigraphically trapped. If this is the case, it substantiates our view that the field's ultimate size may prove to be in the upper range of our initial estimates."
The Ceiba-2 well was drilled approximately one mile to the southwest and 342 feet down-dip of the Ceiba-1 discovery well, announced October 6. Ceiba-2 encountered net oil-bearing pay of 300 feet in a single, continuous column. In addition, the well confirmed the oil-water contact found in Ceiba-1, and demonstrated lateral reservoir continuity and connectivity. The well, located 22 miles off the continental coast in Block G, was drilled to a total depth of 8,744 feet in 2,347 feet of water.
Brian F. Maxted, Vice President, Exploration, said: "Results from the Ceiba-2 well not only confirm the commercial potential of the field, but they fulfill all the technical objectives set for the appraisal well. Based on wireline logs, extensive coring and pressure data, as well as Ceiba-1 flow-test results, flow testing of Ceiba-2 was considered unnecessary."
The decision to waive flow testing was supported by Netherland, Sewell & Associates, Inc., the independent reserve engineers who have been retained by Triton to certify Ceiba Field reserves. Triton expects to book year-end proved reserves in the Ceiba field.
An 880,000-acre (3,600 square kilometer) 3D seismic survey will be acquired commencing in early December to fully define the extent of the field and prove up other exploration prospects on the licenses for drilling commencing in the second half of next year. Based on current schedules and timing of the 3D seismic evaluation process, development operations on the Ceiba Field will resume mid-2000.
Blocks F and G encompass an area of approximately 1.3 million acres, and 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 South Africa-based Energy Africa Ltd., which has 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, Southeast Asia and West Africa. For more information about Triton: www.tritonenergy.com .
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