Triton's F-1 Well Comes Up Dry

Triton Energy Limited announces that its F-1 exploration well offshore Equatorial Guinea has been plugged and abandoned as a dry hole with oil shows.

The F-1, Triton's first exploration well on Block F, was drilled to a total depth of 10,180 feet at an approximate cost of $5.5 million. It was the fourth well of Triton's six-well exploration program on Blocks F and G. Spudded February 2 in about 700 feet of water, the F-1 is located approximately 33 miles northeast of Triton's Ceiba-1 well.

"While the F-1 well wasn't an oil discovery, it provided valuable new information in an area not previously drilled, which will help us refine our geologic model," said James C. Musselman, Triton President and Chief Executive Officer. "Importantly, the F-1 well has increased the opportunity for commercial success in the deep and ultradeep water by demonstrating the presence of a working oil source and migration system, as well as potential hydrocarbon reservoir and seals. The challenge of our future exploration wells is to identify and combine these with an effective trap."

The R. F. Bauer drillship, which drilled the F-1 well, is returning to Triton's Ceiba Field in Block G, where it is next scheduled to drill two water-injection wells and one development well. Plans call for the Sedco 700 semisubmersible rig, which recently drilled and completed the Ceiba-7 development well, to spud the Ceiba-8 development well in the next few days.

Triton plans focus on Ceiba Field development and cash-flow generation before resuming an exploration and development program later in 2001. Triton's objective is to have four water injection wells drilled and completed by the end of 2001 as a part of their strategy to increase field reservoir pressure and maximize oil recovery.

Gross production from the first four Ceiba wells currently is about 45,000 BOPD. The flow rate of the Ceiba-1 well, presently at 11,800 BOPD, is less than expected due to problems encountered during completion. Triton is taking steps to improve Ceiba-1's deliverability and expects the well to ultimately perform substantially better. The Ceiba-1 well began producing oil in mid-February.