Triton Announces Third Discovery Offshore Equatorial Guinea
Triton Energy has made a third significant oil discovery on Block G offshore Equatorial Guinea. The analysis of drilling, wireline logging, downhole pressure measurements and reservoir-fluid samples indicates the Company's G-6 exploration well has gross oil pay of 443 feet, with 168 feet of net oil-bearing pay in two zones between 4,533 and 5,124 feet. The discovery, named Oveng, is located 12.5 miles northeast of Triton's Ceiba Field and 3.5 miles east of Triton's recent Okume-1 discovery. This is Triton's second major oil discovery on Block G this year; the Company announced its Okume discovery June 4.
The Oveng-1 encountered reservoirs similar in quality to those of Ceiba and Okume, with comparable porosity and permeability. A sample of Oveng oil indicated an API gravity of 36 degrees.
Triton is formulating an appraisal program to confirm the Oveng and Okume discoveries and define minimum economic reserves for project development. The Company is evaluating options for an early production system if warranted. Oveng-1 is a newfield wildcat discovery clearly separate from both Okume
and Ceiba. It was the second successful test of several stratigraphic prospects in the same area that exhibit similar 3D seismic attributes, which we calibrated with the findings of prior exploration wells, as well as with Ceiba Field development drilling. The well was drilled to a total depth of 5,325 feet in approximately 896 feet of water. It is located
15 miles off the continental coast of Equatorial Guinea.