PanOcean Announces 2,450 bopd Production Test at Tsiengui

Obangue & Tsiengui Fields, Gabon
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Pan-Ocean Energy reports a successful short-term production test on its TST-2 appraisal well in the Tsiengui field, onshore Gabon, West Africa. PanOcean has a 100% interest in the well prior to the government 7.5% back-in. TST-2 was drilled in September 2004 and announced as a new commercial discovery on September 27, 2004.

Over the period of a four-day test, oil rates of 2,450 bopd were produced at stable wellhead flowing pressures of approximately 614 psia on a 36/64 inch choke with a gas oil ratio of 420 scf/bbl. No water production was experienced throughout the test. Oil gravity was confirmed to be 32 degrees API with properties similar to those of the Company's nearby Obangue field.

The test confirms the commercial viability of the field. Based on these results, the Company believes that the well is capable of sustained production of approximately 1,000 bopd to 1,500 bopd. PanOcean is currently examining the feasibility of a Phase I development program consisting of two additional development wells and a tie-in to the new Obangue production facility during the first half of 2005.

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