Triton Begins Production from Ceiba Field

Triton Energy Limited announced that oil production has begun from its Ceiba Field, located on Block G off the continental coast of Equatorial Guinea. First oil was achieved less than 14 months after discovery of the field, a deepwater industry record.

To date, three of the first four Ceiba wells are flowing oil at an aggregate interim rate of 38,000 barrels of oil per day (BOPD). The fourth well, Ceiba-1, is being completed and will be added to the production stream about mid-December.

"First oil is the goal we've all been working so hard to achieve," said James C. Musselman, Triton President and Chief Executive Officer. "Oil production less than 14 months after discovery of the Ceiba Field has set a record for deepwater development. This has been a team effort by all the people and companies from around the world that embraced our fast-track philosophy and made it happen.

"Triton is extremely grateful to the Republic of Equatorial Guinea, our field partner Energy Africa, and our world-class contractors and vendors, all of whom have helped make this extraordinary accomplishment possible. I'm very proud of this record and the job we have done."

"We are quite pleased with the wells' performance and deliverability at this early stage in the production process," said Marvin Garrett, Triton Vice President, Production. "The prolific Ceiba reservoirs, coupled with our state-of-the-art completion techniques, are providing an excellent flow rate. We will continue to closely monitor well performance and reservoir pressure during the next several months to determine the optimum field production rate."

The Ceiba Field Plan of Development calls for initial production from an early production system of 52,000 BOPD, or about 36,000 barrels to Triton's interest. The actual production rate will depend on several factors, such as reservoir management. Production from the Ceiba Field is expected to double Triton's oil production in 2001 from current levels.

Triton is finalizing plans to expand the topsides facilities of the Sendje Berge, the floating production, storage and offloading vessel (FPSO) that is the centerpiece of the Company's Ceiba oil development. Ceiba crude is produced into and will be sold from the FPSO, which currently has an onboard liquids processing capacity of 60,000 barrels per day.

Currently, the Company's goal is to have 10 producing wells and 4 water-injection wells in operation by year-end 2001, which is expected to result in production of 80,000-100,000 gross BOPD.

To accommodate the additional production, the Company plans to increase the processing facilities onboard the Sendje Berge by year-end 2001. A second production module will be installed that is designed to handle 100,000 barrels of fluids per day, increasing total liquids processing capacity onboard the FPSO to 160,000 barrels per day, sufficient to handle the anticipated increase in oil production, as well as the associated water produced with the oil. In addition, Triton is adding to the Sendje Berge onboard water-injection facilities designed to inject 135,000 barrels of water per day into the Ceiba reservoir to maintain field pressure and optimize production.

Triton chose an FPSO-based development concept for the Ceiba Field to provide early production and flexibility to cost effectively increase future production capacity. The Sendje Berge is moored in about 300 feet of water 18 miles offshore. It is a VLCC (Very Large Crude Carrier), which was life extended and converted to an FPSO at the Jurong Shipyard in Singapore. The vessel's crude oil storage capacity is 2 million barrels.