Production Begins from Ceiba-1

Triton Energy Limited celebrated the start of oil production from its Ceiba Field offshore Equatorial Guinea in a ceremony that was held on February 11, 2001. The "first oil" ceremony, which was held in Bata, Equatorial Guinea, recognized the record-setting development of the Ceiba Field and the contributions to its success made by the government and people of the Republic of Equatorial Guinea.

Oil production from the Ceiba Field, located about 22 miles offshore the continental coast of Equatorial Guinea, began on November 22, 2000. First oil was achieved less than 14 months after discovery of the field, a deepwater industry record. The investment in the Ceiba project by Triton and its partner, Energy Africa, including 2001 capital spending, amounts to about $600 million to date.

Equatorial Guinea officials and company representatives attending the first oil ceremony in Bata included: Teodoro Obiang Nguema Mbasogo, the President of Equatorial Guinea; Miguel Trovoada, the President of Sao Tome and Principe; Cristobal Manana Ela, Minister of Mines and Energy; Gabriel Nguema Lima, the Secretary of State at the Ministry of Mines and Energy of Equatorial Guinea; James C. Musselman, Triton's President and Chief Executive Officer; and Andrew Windham, Director of Energy Africa Equatorial Guinea Limited.

"Ceiba Field production would not have been possible without the vision, leadership and support of President Obiang, Minister Cristobal Manana and Secretary of State Gabriel Nguema Lima," said Musselman. "In addition, many citizens of Equatorial Guinea contributed to the development of the Ceiba Field or are involved in field operations. Triton and Energy Africa are grateful for their hard work and dedication."

Ceiba crude is produced into and is sold from a floating production storage and offloading vessel (FPSO), the Sendje Berge. The Sendje Berge is moored in about 300 feet of water 18 miles offshore, about four miles from the Ceiba Field.

Triton announced its Ceiba Field discovery on October 6, 1999, following drilling and testing of the Ceiba-1 discovery well. Triton has drilled five successful wells in the field located in water depths ranging from 2,165-2,621 feet.

"All of the people of Equatorial Guinea can take great pride in the world-record development of the Ceiba Field," said Musselman. "Oil production from this field is helping transform the country's economy and holds great promise to enrich the lives of its people. Triton Energy is privileged to be part of this transformation."

Triton has an 85% working interest in and is the operator of Block G and the adjacent Block F offshore Equatorial Guinea, which together encompass an area of approximately one million acres. Triton's Ceiba Field is located in Block G of the Rio Muni Basin, about 22 miles offshore and 150 miles south of the country's capital, Malabo, and off the shore of the city of Bata. Triton's partner in the blocks, Energy Africa Ltd. of South Africa, has the remaining 15% working interest.

Ceiba Field oil production averaged 36,000 barrels of oil a day (BOPD) from three wells during January. A fourth Ceiba Field development well, Triton's Ceiba-1, has just been connected to the FPSO in the Gulf of Guinea. The addition of this well brings the Ceiba Field gross production rate to about 50,000 BOPD.

Triton has spudded the F-1 well, its first exploration well on Block F offshore Equatorial Guinea. The F-1 is the fourth exploration well to be drilled in Triton's six-well exploration program on Blocks F and G this year. The well is testing a prospect with multiple targets from 2,952 to 7,595 feet and is providing important stratigraphic control. The F-1, being drilled in about 700 feet of water, is located approximately 33 miles northeast of Triton's Ceiba-1 well. The Company expects the F-1 well to reach total depth in about 30 days from spud date. Depending on drilling results, the Company could subsequently choose to test the well.


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