Two news articles below:
AEC announces Australian oil discovery
CALGARY, June 13 /CNW-PRN/ - AEC INTERNATIONAL (AUSTRALIA) PTY LTD (AECI Australia), a subsidiary of Alberta Energy Company Ltd., today announced an oil discovery in the Timor Sea, Northwest Shelf of Western Australia. AEC Australia is the operator of the Puffin-5 well on the AC/P22 block with a 60% working interest.
Initial test results indicate that AECI Australia and its partners have discovered a high quality oil reservoir. Core samples, log data and preliminary drill stem test results indicate that the reservoir is highly permeable and may be very productive. The drill stem test had to be terminated earlier than expected due to mechanical difficulties and production testing equipment not being on site to control the unexpected sand production from unconsolidated sand in the reservoir. While the drill stem test flowed oil to surface, no stabilized production flow rate data was obtained. Wireline logs indicate a total of 9.4 meters (31 feet) of net oil pay in the well. AEC is proposing to suspend Puffin-5 as a potential producer. AEC is assessing plans to drill an appraisal well in the late third or fourth quarter of 2000 to confirm the commercial viability of the discovery.
The Puffin-5 well is located 1.1 kilometres from the Puffin-1 well drilled by ARCO in 1972, and 9 kilometres from the Puffin-2 oil discovery, drilled by ARCO in 1974. Puffin-2 flowed 4,608 barrels of oil per day from a separate Puffin Group sand. The Puffin-5 discovery is 75-85 kilometres southwest of the production at Jabiru and Challis oil fields. It was drilled 250 kilometres (152 miles) offshore to a total depth of 2,414 metres (7,920 feet) by the ``Ocean General'' semi-submersible drilling rig in 104 metres (341 feet) water depth.
Other participants in the well include subsidiaries of WestOil NL (20%) and Norwest Energy NL Ltd. (20%).
AECI Australia has interests in seven offshore exploration licences in the Northwest Shelf. The Company will also be participating in the Argus-1 exploration well in the Timor Sea upon release of the Ocean General drilling rig, and it plans to drill two further wells through year-end 2000.
AEC's International division currently has a significant operating platform in Ecuador, producing approximately 42,000 barrels of oil per day. The Company is actively exploring in Australia, Argentina, and the Caspian Sea, and is pursuing opportunities in the Middle East and West Africa.
High-impact growth has created one of North America's largest independent oil and gas companies. AEC ranks first in natural gas production in Canada and fifth among independent producers in North America. As well, the Company's liquids production is forecast to be approximately 130,000 barrels per day in 2000. AEC is also a major gas storage developer and a pipeliner of conventional, synthetic and heavy oil in North America. AEC's vision is to build a ``global super-independent'', with growing international investments including Ecuador, Argentina, Australia, the United States, and the Caspian Sea. AEC's disciplined adherence to its ``Growth, Value, Performance'' business strategy has resulted in a Company with an enterprise value of approximately C$12 billion.
AEC's shares trade on The Toronto Stock Exchange (AEC) and on the New York Stock Exchange (AOG). Additional information is available on the Company's website: www.aec.ca
ADVISORY - Certain information regarding the Company set forth in this document, including management's assessment of the Company's future plans and operations, may constitute forward-looking statements under applicable securities law and necessarily involve risks associated with oil and gas exploration, production, marketing, and transportation such as loss of market, volatility of prices, currency fluctuations, imprecision of reserves estimates, environmental risks, competition from other producers and ability to access sufficient capital from internal and external sources; as a consequence, actual results may differ from those anticipated in the forward-looking statements.
SOURCE Alberta Energy Company Ltd.
CO: Alberta Energy Company Ltd.
ST: Alberta
IN: OIL
SU: DSC
06/13/2000 09:00 EDT prnewswire.com
also:
Triton's Ceiba-3 Well Encounters Second Oil Reservoir
DALLAS, June 13 /PRNewswire/ -- Triton Energy Limited (NYSE: OIL) reports the Ceiba-3 development well offshore Equatorial Guinea has confirmed the primary reservoir found in the Ceiba-1 and Ceiba-2 wells and encountered a deeper, similar-quality oil reservoir. Ceiba-3 penetrated 256 feet of net oil-bearing pay based on the analysis of drilling, coring, wireline logging and samples. The new additional reservoir has an oil-water contact about 60 feet deeper than the oil-water contact found in the first two wells drilled in the Ceiba Field.
"The Ceiba-3 well is the third well that has encountered thick, high- quality pay sands in the Ceiba Field," said James C. Musselman, Triton President and Chief Executive Officer. "Ceiba-3 confirms the potential of the Ceiba Field and is the first test of the reservoir images mapped from our 3D seismic data."
The Ceiba-3 well has validated lateral reservoir continuity and connectivity in the oil reservoir tested in the Ceiba-1 discovery well and confirmed in Ceiba-2. The extent of the new, deeper reservoir, not seen in Ceiba-1 or Ceiba-2, will be determined by future drilling.
Located 22 miles off the continental coast of Equatorial Guinea on Block G, the Ceiba-3 well was drilled to a total depth of 9,695 feet in 2,165 feet of water. The well is approximately one mile northeast and 282 feet downdip of the Ceiba-1 discovery well, announced in October 1999, and confirms the extension of the Ceiba Field to the north. The Ceiba-2 appraisal well, announced in November 1999, confirmed the oil-water contact found in Ceiba-1.
The development plan calls for Ceiba-3 to be completed this summer.
Other current activity in the Ceiba Field includes the drilling of the Ceiba-4 well, spudded May 31 by the Sedco 700 semisubmersible rig approximately one mile southwest of Ceiba-2. Following the drilling of Ceiba- 4, the well will be completed by the Sedco 700, after which the rig will complete the Ceiba-1, -2 and -3 wells, readying them for hookup to the field's early production system so that first oil can be achieved by year-end 2000.
Ceiba-1, -2, -3 and -4 will be produced into a floating production storage and offloading system that will have an initial process capacity of 60,000 barrels of oil per day.
Following the drilling of Ceiba-3, Global Marine's R. F. Bauer drillship is moving 1.75 miles to the northwest of Ceiba-3, where it will spud the Ceiba-5 delineation well.
Triton is analyzing the 4,200 square kilometers of seismic data acquired over Block G, as well as adjacent Block F. The data will aid the Company to define the extent of the field, as well as test other exploration prospects. Current plans call for two exploration wells to be drilled this year. Timing and locations of the wells have yet to be determined.
Triton has an 85% working interest in and is the operator of Blocks F and G, which encompass an area of approximately 1.3 million acres. The blocks 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's partner in the blocks is Energy Africa Ltd. of South Africa, which has the remaining 15% working interest.
Triton Energy Limited 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. More information about Triton can be found at the Company's web site, www.tritonenergy.com.
SAFE HARBOR STATEMENT: Certain statements in this news release, other than historical information, may be regarded as "forward-looking statements" within the meaning of the U.S. Securities Litigation Reform Act. They are subject to various risks and uncertainties, such as the timely completion, costs and result of exploration, appraisal and development activities, the results of seismic, wireline logging and other testing methods, and estimates of underground accumulations of oil and gas. These are discussed in detail in the Company's Securities and Exchange Commission filings, including the report on Form 10-Q for the quarter ended March 31, 2000. Actual results may vary materially.
SOURCE Triton Energy Limited
CO: Triton Energy Limited
ST: Texas
IN: OIL
SU: DSC
06/13/2000 09:39 EDT prnewswire.com |
