PanOcean Continues Plans for Etame-6H Development Well

Pan-Ocean Energy reports that the Etame partners have completed a lifting for 411,000 barrels of crude oil (129,000 barrels net to PanOcean) and have scheduled another lifting for the end of January for approximately 300,000 barrels (94,000 barrels net). Planning continues for drilling the Etame-6H development well followed by an exploration well during the second and third quarters of 2005. The Etame-6H well will be the fifth producing well in the Etame field located offshore Gabon. The exploration well is planned to be drilled on a prospect approximately four kilometers south of the Avouma discovery, which was made in August 2004.