GSF Adriatic IX
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FirstAfrica Oil has spud its first well in the East Orovinyare Oil Field ("EOV Field") offshore Gabon. GlobalSantaFe's GSF Adriatic IX jackup is on location and has commenced drilling the EOV-4 appraisal/development well. The Company expects drilling and testing of EOV-4 to be completed by late February.
EOV-4 will be followed by three additional development wells to be drilled by GlobalSantaFe's Adriatic VI jackup which is due to arrive in the field in April 2006. Production is scheduled to commence in the 4th Quarter of 2006.
The Company expects to soon announce details relating to the financing of the drilling program.
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