WOW..THIS IS HUGE OIL:NYSE
OIL : TRITON ENERGY (NYSE
Triton's Ceiba-5 Well Finds New Oil Pool
DALLAS, Jul 25, 2000 /PRNewswire via COMTEX/ -- Triton Energy Limited (NYSE: OIL chart, msgs) reports the Ceiba-5 appraisal well offshore Equatorial Guinea has confirmed the primary oil pool found in the Ceiba-1, Ceiba-2, Ceiba-3 and Ceiba-4 wells, and encountered a deeper pool with an additional high-quality reservoir not seen in any of the previous Ceiba wells. Ceiba-5, a significant step-out well, penetrated 243 feet of net oil-bearing pay in three zones based on the analysis of drilling, wireline logging, downhole pressure measurements and rock/fluid samples. The new oil pool has an oil-water contact 328 feet below the oil-water contact of the primary Ceiba pool.
Drilled on the western flank of the Ceiba structure, the Ceiba-5 well validated the lateral reservoir continuity and connectivity of the field's primary oil pool to the northwest.
"The Ceiba-5 well is the most important well we've drilled since the Ceiba-1 discovery well for several reasons," said James C. Musselman, Triton President and Chief Executive Officer. "It is our most aggressive step-out well to date, confirming the lateral extent of the field in a new direction. In addition, the new pool found by Ceiba-5 has a significantly deeper oil- water contact than we've encountered elsewhere in the field. Wireline log and subsurface pressure data confirm it to be a separate pool with a deeper reservoir than what we've seen before. We will further define the pool through future development drilling.
"Also, because of the new oil pool and confirmation of the field's areal extent to the northwest, the well further delineates the Ceiba Field's reserves," Musselman said.
Located 23 miles off the continental coast of Equatorial Guinea on Block G, the Ceiba-5 well was drilled to a total depth of 9,187 feet in 2,622 feet of water. The well is approximately 1.75 miles northwest and 50 feet downdip of the Ceiba-3 development well.
The Ceiba-5 well has been temporarily suspended. Plans call for the well to be brought on production after the first four Ceiba wells provide initial oil production from the field.
Activity in the Ceiba Field also includes the completion of the Ceiba-4 well by the Sedco 700 semisubmersible rig, which should be finished shortly. The Sedco 700 then 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. The sequence and timing of the subsequent completions will depend on the progress of field activities related to the installation of the early production system.
Other activity in the Ceiba Field includes the drilling of the Ceiba-6 appraisal well, scheduled for spudding shortly by the R. F. Bauer drillship, which drilled the Ceiba-5 well. Ceiba-6 is located 0.8 miles to the south- southeast of the Ceiba-4 well on the eastern flank of the field.
"We plan for the Ceiba-6 well to penetrate the oil-water contact in a downdip position, providing us with valuable stratigraphic information on the flank of the Ceiba Field," said Musselman. "We will use this data for geologic modeling and planning future water-injection wells, which will enhance oil recovery from the field. We may use Ceiba-6 as a water-injection well because its location is significantly downdip."
After drilling the Ceiba-6 well, the Bauer will spud the first of six exploration wells to be drilled during the remainder of the year and early 2001. The well locations have not been determined.
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 identify other exploration prospects.
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 West Africa, Latin America and Southeast Asia. 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
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Contact:
investors, Crystal C. Bell, Director, Investor Relations and
Corporate Communications of Triton Energy Limited, 214-691-5200; or media,
Mark Semer of Kekst and Company, 212-521-4802, for Triton Energy Limited
URL: tritonenergy.com |
