|Thursday, October 07, 1999
Triton Energy Limited reports that it has made a significant oil discovery in Equatorial Guinea, La Ceiba Field. On test, the Mbini-1 well flowed 12,401 barrels of oil per day of 30 degree oil from one zone over an interval of 160 feet. Preliminary analysis of the test data indicates that upon completion, an initial production rate from this well should exceed 20,000 BOPD. This is the third major find by Triton in the last 10 years. This discovery proves the existence of a working hydrocarbon system in the Rio Muni Basin which was previously an under-explored area of West Africa. Data analysis indicates a gross oil column of 742 feet in the well with net oil-bearing pay of 314 feet in four zones. Part of Tritonâ€™s plans to confirm the commercial potential of the field will include an appraisal of La Ceiba in the fourth quarter of this year, drilling an appraisal well and acquiring a 740,000 acre 3D seismic survey to define the field. The Mbini-1 well was drilled to a total depth of 9,700 feet in approximately 2,200 feet of water by Diamond Offshoreâ€™s semisubmersible rig, Ocean Alliance. The well is located 22 miles off the continental coast in Block G which along with Block F encompasses Triton's Equatorial Guinea acreage (approximately 1.3 million acres). The well will be maintained as a potential future producer. Blocks F and G are located in the Rio Muni Basin off the continental coast of Equatorial Guinea, 150 miles south of the country's capital, Malabo and off the shore of the city of Bata. Triton has an 85 percent working interest in the licenses and is the operator. The other partner in the blocks is Energy Africa with a 15 percent working interest.