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Author: NechesInvst Big red star, 1000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 116  
Subject: 3rd Find Off Africa Date: 6/25/2001 9:37 AM
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http://biz.yahoo.com/prnews/010625/hsm044.html

Triton Makes Third Oil Discovery Offshore Equatorial Guinea

DALLAS, June 25 /PRNewswire/ -- Triton Energy Limited (NYSE: OIL - news) reports that it has made a third significant oil discovery on Block G offshore Equatorial Guinea. The analysis of drilling, wireline logging, downhole pressure measurements and reservoir-fluid samples indicates the Company's G-6 exploration well has gross oil pay of 443 feet, with 168 feet of net oil-bearing pay in two zones between 4,533 and 5,124 feet. The discovery, named Oveng, is located 12.5 miles northeast of Triton's Ceiba Field and 3.5 miles east of Triton's recent Okume-1 discovery. This is Triton's second major oil discovery on Block G this year; the Company announced its Okume discovery June 4.

The Oveng-1 encountered reservoirs similar in quality to those of Ceiba and Okume, with comparable porosity and permeability. A sample of Oveng oil indicated an API gravity of 36 degrees.

``The Oveng-1 well confirms our belief that the aggregate gross recoverable oil from the greater Okume-Oveng area could be significantly larger than the Ceiba Field, providing ample upside potential for us to increase oil production and reserves. Our technical team has done a superb job by making back-to-back oil discoveries, continuing to enhance Triton's value for our investors,' said James C. Musselman, Triton President and Chief Executive Officer. ``Because we've only drilled prospects on a small portion of our acreage in the region, we believe our portfolio holds many more exploration opportunities beyond the North Toe Thrust play fairway on Blocks F and G.

``Like the Okume discovery, we are in the early stages of evaluating the size of the new field, but, prior to drilling the Oveng-1, we estimated the prospect size to be 50-150 million barrels of gross recoverable oil,' Musselman added. ``This find, together with Okume, has caused us to re-evaluate our thinking about the timing and extent of an exploitation program for the area.'

Triton is formulating an appraisal program to confirm the Oveng and Okume discoveries and define minimum economic reserves for project development. The Company is evaluating options for an early production system if warranted.

``Oveng-1 is a newfield wildcat discovery clearly separate from both Okume and Ceiba. It was the second successful test of several stratigraphic prospects in the same area that exhibit similar 3D seismic attributes, which we calibrated with the findings of prior exploration wells, as well as with Ceiba Field development drilling,' said Brian Maxted, Triton Senior Vice President, Exploration. ``We believe the probability of exploration success for similar prospects is enhanced because of the Okume and Oveng discoveries.

``We chose not to flow test the well for the same reason we chose not to test our Okume discovery: we believe we can confidently predict the Oveng-1's deliverability, thereby saving capital for reinvestment elsewhere in our E&P program,' Maxted added.

The well was drilled at an approximate cost of US$4.5 million to a total depth of 5,325 feet in approximately 896 feet of water. It is located 15 miles off the continental coast of Equatorial Guinea. (A map showing the location of Oveng-1 is available on Triton's web site, www.tritonenergy.com . Click on News Releases.)

The Oveng-1 well is named after the most important tree for the people of Equatorial Guinea as it symbolizes their strength in the country.


More good news!

Go Long!
Mike
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