Triton's Equatorial Guinea F-1 exploration well nonproductive

Triton Energy Limited has revealed 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 ft at an approximate cost of US$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 ft 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 drillship R. F. Bauer, 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.

"Strategically, it's important for Triton to spend some time focusing on Ceiba Field development and cash-flow generation, after which we plan to resume our exploration program later this year," said Musselman. ""We want to meet our objective of having four water-injection wells drilled and completed by year-end as part of our program to increase field reservoir pressure and maximize oil recovery."

Gross production from the first four Ceiba wells currently is about 45,000 b/d. The flow rate of the Ceiba-1 well, presently at 11,800 b/d, 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.