Energy Africa Commences Production from UK and Gabon Fields

Energy Africa has commenced production from the Alba Extreme South development in the UK North Sea, in which it holds an 8% interest, on October 1st, on schedule and under budget. The new development will initially add over 50,000 barrels of oil per day (bopd) to Alba production offsetting production decline and maintaining a plateau rate of up to 100,000 bopd. ChevronTexaco is the operator of the Alba field. Production is from four new subsea wells tied back to the Alba Northern Platform. These four wells will be further supplemented by a water injection well and two additional producing wells by early 2003.

In Gabon, Energy Africa Gabon SA which is 50% owned by Energy Africa, has begun production from the Niungo oilfield onshore Gabon, in which it holds a 50% interest, on September 9th. The field is building up to full production and is currently producing at a rate of 4,500 bopd with an expected peak rate of 6,000 to 7,000 bopd. In the southern Gabon offshore, first oil production was also achieved in the Etame field early in September and the field is currently producing at about 16,000 bopd. EAGSA will be exercising its option to acquire, with effect from first production, a 7.5% interest in the field. The Niungo Field is located approximately 40km east of the Echira field in which EAGSA also owns a 40% interest. Production is from three wells and is exported to the Echira field via a newly constructed pipeline and onward to the Gamba terminal via the existing pipeline. The operator of both the Echira and Niungo fields is Perenco Gabon. Phase 1 of the Etame development consists of the subsea completion of two horizontal wells and one vertical well, tied back to a Floating Production, Storage and Offloading unit.

Rhidwaan Gasant, Energy Africa Limitedís Managing Director said: "The Alba Extreme South development is the latest chapter in what has been an extremely rewarding investment for Energy Africa. It will ensure that the Alba field will continue to be a cornerstone of our production portfolio. The production from Alba Extreme South and the new developments in Gabon will add some 6,000 bopd to Energy Africa`s net production."


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