Triton Announces Ceiba-6 Well Results
Triton Energy Limited (NYSE: OIL) reports that its Ceiba-6 well offshore Equatorial Guinea will be plugged and abandoned without encountering oil and gas shows based on analysis of initial logs. The Company also reports that it will spud the first well of a planned six-well exploration drilling program in the next 10 days.
Ceiba-6, a significant step-out well outside and southeast of the Ceiba Field, is located about 2.5 miles south of the Ceiba-4 well. It was drilled to a total depth of 10,388 feet.
Before drilling Ceiba-6, Triton had drilled five productive wells in the Gulf of Guinea. The discovery well, Ceiba-1, was announced in October 1999. The Ceiba Field is in Block G off the continental coast of Equatorial Guinea. Triton targets oil production from Ceiba by year-end 2000 from the first four wells drilled and completed in the field.
"The Ceiba-6 well was the first of several delineation wells required to define Ceiba's full-field limit. The well was drilled to delineate the southeastern flank of the Ceiba Field and to explore other potential reservoir systems," said James C. Musselman, Triton President and Chief Executive Officer. "The well's results will enable the field model to be refined, providing the basis for formulating the future appraisal program and optimizing the ultimate drainage plan for the field.
"In addition, the well found new sands, both younger and older in geologic age than the main Ceiba reservoirs. Even though these sands were not oil bearing, they offer new exploration targets elsewhere in Blocks F and G."
Currently, the Company is targeting full-field production startup by year-end 2001 at a gross rate of 120,000 barrels of oil per day. As the Company has previously stated, the timing and rate assume a successful appraisal program.
Spudding of First Exploration Well Imminent
The Global Marine drillship R. F. Bauer will spud the first of six planned exploration wells on Block G in about 10 days. The G-2 well will test a prospect at a greater depth than the Ceiba Field about three miles north and east of the field along the same play fairway. Once spudded, the G-2 well should reach total depth in about 40-45 days.
It is planned that the G-2 well will be followed by up to five additional exploration wells through the first half of 2001. However, drilling plans may be altered based on well results.
Well Completions Continue
Activity in the Ceiba Field includes the ongoing completion of the first four wells drilled in the field. The Sedco 700 semisubmersible rig has completed the Ceiba-4 well and is now completing the Ceiba-1, -2 and -3 wells. All of the wells will then be ready for hookup to the field's early production system so that oil production from the Ceiba Field can begin by year-end, just 15 months after discovery of the field, at a planned gross rate of 52,000 barrels of oil per day.
FPSO Sails to Equatorial Guinea
The floating production, storage and offloading vessel (FPSO) that is the cornerstone of Triton's initial development of the Ceiba Field set sail on September 21 from the Jurong shipyard in Singapore destined for the Republic of Equatorial Guinea where it should arrive by mid-to-late October. The Sendje Berge is a 275,000 dwt (dead weight tonnes) turbine tanker into which the Ceiba crude will be produced. It will be moored in 300 feet of water. The vessel's crude oil storage capacity is 2 million barrels. It is outfitted to initially process 60,000 barrels per day.
Subsea flowlines and controls are being installed and will be connected to the FPSO when it arrives in the field.
Triton has an 85% working interest in and is the operator of Block G and the adjacent Block F, which together encompass an area of approximately 1.3 million acres. The blocks are located in the Rio Muni Basin, 150 miles south of the country's capital, Malabo, and off the shore of the city of Bata. Triton's partner in the blocks is Energy Africa Ltd. of South Africa, which has the remaining 15% working interest.