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Stocks T / Triton Energy Limited


Subject:  Oil is flowing! Date:  11/28/2000  4:36 PM
Author:  NechesInvst Number:  95 of 118

Triton stock rises with start of African oil production
NEW YORK, Nov 28 (Reuters) - Shares of Triton Energy Ltd. (NYSE:OIL - news) jumped on Tuesday as the oil company began production from its blockbuster discovery in West Africa.

Production from the so-called Ceiba Field, located off the coast of Equatorial Guinea, began 14 months after the field was discovered. Initial production, the company said, would run about 52,000 barrels per day (bpd), with 36,000 bpd of that going to Triton.

The field will double the Dallas-based company's production in 2001, a prospect that helped drive its shares up as much as 15 percent on the New York Stock Exchange.

By early afternoon, Triton shares were up $2-1/8 at $27 but still well below their 52-week high of $50-3/4.

Triton has an 85 percent stake in Ceiba, which is thought to hold at least 500 million barrels of oil. The company also has major fields in Colombia and the Malaysia-Thailand Joint Development area.

At Ceiba, three of four wells are currently producing, with the last one scheduled to begin production in the middle of December, Triton said.

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