FirstAfrica Oil Successfully Drills Third EOV Development Well

FirstAfrica Oil reports that its third development well, EOV-6, has been successfully drilled into the northwest sector of the East Orovinyare oil field (EOV) utilizing the GlobalSantaFe Adriatic VI jackup. The well offshore Gabon spudded May 27th in 65 feet of water. The oil-bearing Batanga reservoir was entered at a measured depth of 3,832 feet. The reservoir was cored with 100% recovery and preliminary analysis of the wireline logging indicates a minimum gross oil reservoir section of 280 feet (measured depth). Net sandstone is estimated at approximately 100 feet (measured depth) with porosities of 20 - 22 percent. During drill stem testing 17-18 June, the well flowed oil at a rate of 2,099 barrels of oil per day (bopd) with a maximum instantaneous flow of 3,235 bopd. These rates reflect natural flow without any stimulation.

The Company's field development plan calls for production to start from early next year from four wells producing to a single unmanned platform tied back to a Floating, Production, Storage and Offloading Vessel (FPSO). The platform construction and additional infrastructure development is moving in parallel with the drilling program and installation of the platform and downhole pumps is planned for 4Q 2006. In addition to the development field, the Company has further exploration assets in Gabon and plans to fund exploration activities from cash flow in 2007.

Speaking of the well, FirstAfrica CEO Robert Kirchner said, "Our development drilling program in the EOV Field has once again produced results which have exceeded expectations. EOV-6 will now be suspended pending the arrival of the production jacket and the Adriatic VI will shortly commence drilling our next objective in the EOV Field."

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