Ranger Announces Discovery Offshore Ivory Coast

Ranger Oil Cote d'Ivoire SARL, a subsidiary of Canadian Natural Resources, announces the discovery of oil off Ivory Coast on block CI-40. The Baobab 1X well was drilled by Transocean Sedco Forex's semisubmersible, Sovereign Explorer, to 10,085 feet TD in 4,868 feet of water.

Two drill stem tests were performed on selected intervals. The combined stabilized flow rate exceeded 6,700 b/d of 22-23°-gravity crude with a gas-oil ratio of 290-320 scf/bbl. The well will be suspended while appraisal plans are formulated.

The government awarded the block under a production-sharing contract in April 1998. Ranger is operator with 61 percent, Svenska Petroleum Exploration Production AB has 29 percent, and Petroci Holding has the remaining 10 percent.

The Baobab discovery is approximately 5 miles south of Espoir field on Block CI-26, another of the four blocks Ranger operates off Ivory Coast. Espoir is being developed and production is due slated to begin in 2002.