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URL:  http://boards.fool.com/progress-on-ceiba-field-development-14840282.aspx

Subject:  Progress on Ceiba Field Development Date:  4/25/2001  10:17 AM
Author:  NechesInvst Number:  99 of 116

http://biz.yahoo.com/prnews/010425/daw026.html

Triton Reports Progress on Ceiba Field Development, Phase-Two FPSO Expansion

Gross Ceiba Production Reaches Approximately 50,000 Barrels of Oil Per Day


DALLAS, April 25 /PRNewswire/ -- Triton Energy Limited (NYSE: OIL - news) reports that it has made substantial progress on the development of the Ceiba Field on Block G offshore Equatorial Guinea. Gross production from the field now is at about 50,000 barrels of oil per day (BOPD). One additional well is producing and another producer has been drilled. The Company also reports that its upgrade of the processing facilities onboard the project's floating production, storage and offloading vessel may include replacing the present FPSO, the Sendje Berge, with a sister ship with expanded facilities.

"We are pressing ahead with our Ceiba Field development program," said James C. Musselman, Triton President and Chief Executive Officer. "The drilling of our producers and water injectors is progressing steadily, and we are finalizing plans to expand our FPSO for the second phase of production."

--Ceiba-7 Well on Production;
--Boosts Gross Field Rate to About 50,000 BOPD
--Triton's Ceiba-7 well, the first well to be completed and tested in the laminated sand facies, is on production. With five Ceiba Field wells now producing, oil is flowing at an aggregate rate of about 50,000 BOPD, or about 35,000 BOPD net to Triton's interest.

The Ceiba-7 well has confirmed that the laminated sands have good deliverability and reservoir continuity and connectivity. It is the first well in the field to be completed using an open-hole gravel pack technique, enhancing the oil deliverability in the laminated-sand reservoir.

Ceiba-10 Well Finds 151 Feet of Net Pay

Drilled as a producer, Triton's Ceiba-10 well has encountered 151 feet of net oil-bearing pay, as expected, based on the analysis of drilling, wireline logging, downhole pressure measurements and reservoir/fluid samples. Pressure measurements in the Ceiba-10 well confirm reservoir connectivity with current producing wells and that the field is performing as expected.

--FPSO Facilities Expansion Under Way;
--Triton Negotiating Vessel Exchange
--As previously announced, Triton plans to expand Ceiba Field production
facilities by early 2002 to increase onboard liquids-processing capacity of its FPSO from 60,000 barrels per day (BPD) to 160,000 BPD. In addition, the expansion also includes onboard water-injection facilities designed to inject up to 135,000 BPD of water into the Ceiba reservoir to maintain field pressure and optimize oil recovery.

Triton is finalizing contractual arrangements for the replacement of its FPSO, the Sendje Berge, with an identical vessel that has the necessary expanded capacity. A sister ship is currently being converted to an FPSO in the Jurong shipyard in Singapore.

By performing the upgrade in a controlled shipyard environment, Triton expects to accomplish the expansion more cost effectively and efficiently and with less operational risk than if the additional equipment were installed on the existing vessel offshore under producing conditions.

Other key contracts related to the next phase of Ceiba development have been finalized, including those for subsea trees and manifolds and the procurement and installation of flowlines and umbilicals.

Triton's second-phase development plan calls for a total of 14 wells to be drilled and completed in the Ceiba Field -- 10 producers and four water injectors -- by early 2002.

As a result of this expansion and additional development drilling during the year, Ceiba daily production is expected to nearly double after the facilities expansion is fully operational.

The Global Marine R. F. Bauer drillship, which is batch drilling the Ceiba-9 and -10 wells, has returned to the Ceiba-9 well to sidetrack it as a water-injection well. The Sedco 700 semisubmersible drilling rig is drilling another water injector, Ceiba-11.


Quietly making noise....I like that.

Go Long!
Mike



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