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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: GREENLAW4-7 who wrote (73842)9/19/2000 7:53:37 PM
From: sportsman  Read Replies (2) of 95453
 
May Double Oil Reserves, CEO Says

San Francisco, Sept. 19 (Bloomberg) -- Triton
Energy Ltd. Chief Executive James Musselman
said oil in the exploration company's Ceiba field in
West Africa ``can potentially double our
production and reserves'' to as much as 530
million barrels.

The field, discovered in October in Equatorial
Guinea, ``is as good as it gets in the oil business,''
Musselman said at a Banc of America Securities
investment conference in San Francisco. He
dubbed the field a ``company maker.''

Production is expected to start this year,
Musselman said. The company plans to drill as
many as six new wells by the middle of next year
in the area adjacent to Ceiba, he said.

``The potential for the remaining acreage is huge,''
Musselman said. Triton owns 85 percent of Ceiba
and is the field operator. Energy Africa Ltd. of
South Africa owns the rest.

Dallas-based Triton had 1999 sales of $247.9
million. The company produced about 42,000
barrels of oil and gas a day and had reserves of
265.6 million barrels at the end of last year.

Triton's shares fell 31 cents to 47.63 on the New
York Stock Exchange. They've more than tripled
in the past year.

Sep/19/2000 16:34 ET
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