Triton Energy announced that it is accelerating exploration, appraisal and development drilling activities in the Republic of Equatorial Guinea through the execution of a two-rig drilling program. Previously, the Company's plans focused on utilization of only one rig. The new drilling program provides for up to ten wells: four firm well commitments and six optional wells. Drilling operations are planned to commence in April with the drilling of Ceiba-3, a Ceiba Field appraisal well. The second rig is scheduled to arrive in late May and begin completion operations on the Ceiba-1 and -2 wells. Details of the planned two-rig drilling program follows: (1) Completion as oil producers of the Ceiba-1 and -2 wells, previously drilled;(2) drilling and completion of two Ceiba Field appraisal/production wells, Ceiba-3 and Ceiba-4; (3) drilling of two exploration wells, one each on Blocks F and G; and, (4) drilling options for a combination of up to six additional development, appraisal and/or exploration wells. James C. Musselman, Triton President and Chief Executive Officer, commented as follows: "With Government approval of the Ceiba Field Plan of Development in hand and initial field development efforts underway, we have turned our attention to acceleration of our exploration, appraisal and development drilling operations. Our goal is to unlock what we believe is the tremendous upside potential inherent in our Rio Muni Basin acreage position." Acquisition of a 1,025,000-acre 3D seismic survey is approximately 53 percent complete. The 3D seismic is designed to assist in delineating the extent of the Ceiba Field, identifying drilling locations for the appraisal/production wells, and better defining other exploration prospects on the licenses. The seismic acquisition program covers all prospective areas on Triton's Equatorial Guinea licenses, and is expected to be complete and available for evaluation late in the first quarter of 2000. The timing, selection of drilling locations and the sequence in which wells are drilled are subject to various operational factors including rig availability, and the results and interpretation of the 3D seismic acquisition now underway. Contracts covering drilling services are expected to be finalized shortly. The Ceiba discovery was first announced on October 6, 1999, following drilling and testing of the Ceiba-1 discovery well. The Ceiba-2 appraisal well, announced November 22, 1999, confirmed the field as a commercial oil discovery. Ceiba is located in Block G which combined with Block F together encompass an area of approximately 1.3 million acres, located in the Rio Muni Basin off the continental coast of Equatorial Guinea, approximately 150 miles south of the country's capital, Malabo. Triton is the operator of Blocks F and G. The other partner in the blocks is South Africa-based Energy Africa Ltd.

Our Privacy Pledge

Most Popular Articles
Brent Crude Oil : $51.38/BBL 2.44%
Light Crude Oil : $50.43/BBL 2.26%
Natural Gas : $3.14/MMBtu 0.94%
Updated in last 24 hours