Triton Acquires Additional Acreage Offshore West Africa
Triton Energy Limited has entered into an agreement to acquire a 25% interest in Block L offshore Equatorial Guinea in the Gulf of Guinea. The Company's partner in the block is Chevron, the operator, with a 75% working interest. The agreement is subject to approval by the government of Equatorial Guinea. Triton did notdisclose terms of the agreement.
With this acquisition, Triton holds a leading acreage position in the Gulf of Guinea offshore West Africa among oil and gas independents, with a combined total acreage position of about 3.7 million gross acres.
The new partnership plans to drill the first well on the block by the end of 2002. A 3D seismic survey covering 1,500 square kilometers presently is being conducted.
Block L contains a northern extension of the deepwater Cretaceous toe thrust fairway north of Triton's Ceiba Field oil discovery offshore Equatorial Guinea in the Rio Muni Basin. Water depths on the acreage range from about 1,300 feet to 6,500 feet. The block, which encompasses about 1 million acres, lies adjacent to Triton's Blocks F and G.
"This new venture increases and diversifies Triton's valuable acreage portfolio offshore West Africa as we continue to build an enduring business in this important exploration frontier. It especially strengthens our position offshore Equatorial Guinea and, importantly, provides exposure to plays in ultradeep waters," said James C. Musselman, Triton President and Chief Executive Officer. "We are pleased to be working with Chevron, a leading explorer and producer in the West African region, and look forward to a continued working relationship with the government of Equatorial Guinea."
The Company has an 85% working interest in and is operator of Blocks F and G offshore Equatorial Guinea, which together comprise about 1 million acres.
Triton's interest in Block L also complements the Company's 38% interest in the Tolo and Otiti blocks offshore Gabon, acquired last July. These blocks cover approximately 1.7 million acres.