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GGPC Receives Approval for the EOV Field Development Plan

Source: www.gulfoilandgas.com 12/20/2005, Location: Africa

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FirstAfrica Oil plc announced that it’s wholly owned subsidiary GulfofGuinea Petroleum Corporation Gabon (EOV) Limited (“GGPC”) has received approval from the Government of the Gabon for the field development plan for its East Orovinyare Oil Field offshore Gabon (“EOV Field”). The fast-track development plan calls for the first appraisal/development well to be drilled from early January 2006 with the arrival in the field of the Global Santa Fe Adriatic IX jack-up rig. The previously announced mid-December 2005 spud of EOV-4 has been delayed by three weeks due to extended operation of the drilling rig on its previous contract.

GGPC is the permit holder (100%) and operator of the EOV Field, which is located 13 kms offshore in 20m of water. Oil was discovered by the previous operator, Marathon, in the late 1990’s. In addition to the discovered oil, the broader East Orovinyare Permit Area holds potential for incremental production from several exploration prospects currently under evaluation.

Following the January 2006 drilling and testing of the EOV-4 well, GGPC has further contracted for a 100-day drilling program with Global Santa Fe for the Adriatic VI jack-up drill rig, which is currently estimated to arrive in the Field during the first week of April 2006. It is anticipated that three additional development wells will be drilled and completed as well as an exploration well to prove up the broader prospect. The development plan incorporates unmanned well head structures tied back to a Floating Production, Storage and Offloading vessel (FPSO). Production of the light crude (37.5 API) will be processed on the FPSO and is expected to commence in late 2006.

Commenting on the Gabon government’s approval of the Field Development Plan, FirstAfrica CEO Robert Kirchner said, “the Gabonese government typically requires a minimum of 30 days for review and approval of field development plans. For FirstAfrica to receive immediate approval of its plan for EOV is a testament to the technical quality of this fast-track project and our excellent working relationship with the various agencies of the Government of the Gabon.“

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