|Tuesday, June 27, 2000
Triton Energy announced that the Ceiba-4 well has confirmed the oil found in the three other Ceiba wells offshore Equatorial Guinea. Transocean Sedco Forex's semisubmersible, Sedco 700 drilled the Ceiba-4 well to a total depth of 8,957 feet in 2,431 feet of water. Triton has increased its capital spending program by $43 million in 2000 for Equatorial Guinea activities. The additional funds will be used for additional development work, purchase of equipment for a water injection facility and to drill more exploratory wells by year-end. The exploration drilling program is going to extend into 2001 and Triton has extended the contracts for Global Marine's drillship, Robert F. Bauer and Transocean Sedco Forex's semisubmersible, Sedco 700. The Robert F. Bauer will drill an additional five wells and has a six month option and the Sedco 700 will drill and complete four wells in addition to its current contract. Triton will then use the rig for six months to continue developing the Ceiba Field, after which the Company has the option to extend the contract another six months.