Triton Announces Significant New Oil Discovery in Equatorial Guinea

Triton Energy Limited has made a significant oil discovery in Equatorial Guinea's La Ceiba Field. On test, the Mbini-1 well flowed 12, 401 b/d of 30º oil from one zone over an interval of 160 ft with a flowing tubing pressure of 897 psi. Test results were constrained by the limited capacity of surface testing equipment. Preliminary analysis of the test data indicates that upon completion, an initial production rate from this well should exceed 20,000 b/d.

La Ceiba Field, Equatorial Guinea.

James C. Musselman, President and Chief Executive Officer, said, "We believe La Ceiba is a significant discovery and represents the third major find by Triton in the last 10 years. We are proceeding rapidly to delineate the discovery, define the potential for additional oil accumulations on our licenses and evaluate options for early production from the field.

"The Mbini-1 discovery proves the existence of a working hydrocarbon system in the previously under explored Rio Muni Basin and opens up what may prove to be a very significant offshore West African hydrocarbon fairway," Musselman added.

Analysis of wireline logs and core data indicates a gross oil column of 742 ft in the well with net oil-bearing pay of 314 ft in four zones.

Triton's La Ceiba Field

Brian F. Maxted, Vice President, Exploration, said, "As part of our plan to confirm the commercial potential of the field, we will accelerate appraisal of La Ceiba beginning in the fourth quarter of this year. We plan to drill an appraisal well and to acquire a 740,000-acre (3,000 sq km), 3D seismic survey to define the field and prove up other exploration prospects on the licenses for drilling next year."

The Mbini-1 well was drilled to a total depth of 9,700 ft in approximately 2,200 ft of water. 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 Malabo and offshore the city of Bata. Triton has an 85% working interest in the licenses and is the operator. The other partner in the blocks is Energy Africa with a 15% working interest.