PanOcean to Spud Avouma South Prospect Well in April

PanOcean together with its Etame co-venturers report that the GlobalSantaFe's semisub, Aleutian Key, is expected to arrive on location offshore Gabon on April 27, 2005 to commence the drilling of an exploration well on the Avouma South Prospect. The prospect is located approximately two kilometers south of the Avouma discovery made in July 2004.

Drilling should take approximately 30 days after which the rig will move to the Etame Field to commence the drilling and completion of the ET-6H development well. Production from the development well is anticipated in July. Should the rig be delayed for any reason, the consortium has the option to change the order in which the two wells are to be drilled.

The co-venturers also announced that the buyer of its crude successfully lifted approximately 420,000 barrels on 29 March 2005 bringing total liftings for the consortium in the month of March to approximately 1.0 million barrels ("mmbbl"), being a total of approximately 2.23 mmbbl (0.7 mmbbl net PanOcean) for Q1 2005.

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