FirstAfrica Oil to Continue EOV Development Program

FirstAfrica Oil reports that its field development plan for the East Orovinyare Field offshore Gabon ("EOV") moves into its next stage with the arrival of the GSF Adriatic VI jackup later this week.

The GSF Adriatic VI will continue the phased drilling program that commenced in January when the EOV-4 appraisal/development well successfully proved up the eastern flank of the EOV Field.

The field development plan calls for production from four wells to a single unmanned platform tied back to a Floating Production, Storage and Offloading vessel (FPSO). Production of the light crude (37.5 API) will be processed on the FPSO and is expected to commence in late 2006.

The Company will update the market regarding the financing of its development program in due course.

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