FirstAfrica Oil Successfully Tests Second Appraisal Well on EOV Field

FirstAfrica Oil has successfully performed a drill stem test of its second appraisal/development well, EOV-5, in the East Orovinyare Field ("EOV"), offshore Gabon.

The well flowed oil at a rate of 1,800 to 1,900 barrels of oil per day (bopd) on natural flow; this was followed by a three point isochrone test which yielded an average rate of 2,857 bopd utilizing nitrogen gas lift (this technique simulates the effect of down hole pumps which will be used in completion of the wells as production wells) and a maximum instantaneous flow of 4,535 bopd. Initial analysis suggests that EOV-5 encountered a gross section of 244 feet (measured depth) containing oil saturated sandstone.

The field development plan for EOV continues to move through the staged drilling of its production wells with the GlobalSantaFe Adriatic VI jackup. The rig has been drilling from the six-slot template at the production platform location since April 16, 2006.

The Adriatic VI will continue the phased drilling program that commenced in January 2006 when the EOV-4 appraisal and development well was drilled by the Adriatic IX jackup. EOV-4 proved the eastern flank of the EOV field when it encountered an oil column of 165 feet, but hole stability problems (specific to EOV-4) prevented drill stem testing from being satisfactorily carried out. EOV-4 was temporarily suspended and it is planned for the well to be re-entered in the current drilling campaign.

The field development plan calls for production from four wells to a single un-manned 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 early 2007.

Commenting on these drilling results, FirstAfrica CEO Robert Kirchner said, "The results from EOV-5 exceed expectations and certainly help to alleviate our frustration over the delayed results from EOV-4. We look forward to rapidly progressing the remaining development program over the coming weeks."

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