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PanOcean Commences Oil Production from Tsiengui Field

Source: 7/17/2005, Location: Africa

Pan-Ocean Energy Corporation Limited announced that it has commenced commercial oil production operations at its Tsiengui field onshore Gabon. Nine months after the Tsiengui discovery, the first two wells, TST-2H and TST-3H, have been brought onstream through early production facilities at a combined stabilized rate of 2,400 barrels per day (“bopd’) gross (2,220 bopd net to PanOcean’s 92.5% interest).

A third Tsiengui development well, TST-4H, has been completed and is expected to be brought onstream over the next week. This marks the completion of the first phase of development of the Tsiengui Field and will raise the Company’s total productive capacity from the Tsiengui and Obangue fields to approximately 5,600 bopd (5,180 bopd net working interest). However in the near term, export pipeline capacity constraints originating at the Total-operated Avocette field limits PanOcean’s export capacity from the two fields to approximately 3,500 bopd (3,238 bopd net). To address this constraint, the Company has cut back production from Obangue and has limited Tsiengui production from the first two wells to the current stabilized rate of 2,100 bopd. The Company expects a material improvement in export capacity from the area once its wholly-owned and operated 10-inch export pipeline from Obangue directly to Coucal is completed. In the interim, the Company will be monitoring Tsiengui field production to determine optimal production rates and assess additional development drilling requirements.

The TST-2H development well was completed in October 2004 following the successful discovery at TST-2 announced in September 2004. Utilizing the Simpler 101 rig currently under long-term contract to Shell Gabon, two additional wells were successfully drilled and completed in the Gamba sandstone reservoir during Q2 2005. The two wells,TST-3H and TST-4H, were completed with horizontal drains in excess of 500 meters and 800 meters respectively, and the Simpler 101 rig was released. Flow lines are currently being installed to TST-4H after which the well will be cleaned up and brought onstream.

A 5,000 bopd early production facility (“EPF”) was installed adjacent to the future Tsiengui central production facility(“CPF”) and a 6.2 km eight-inch diameter pipeline was constructed from Tsiengui to the Company’s Obangue CPF site during Q2 2005. The combined production from Tsiengui and Obangue is being exported through the existing six-inch pipeline from Obangue to Avocette. This transportation arrangement is expected to continue until the completion of the Company’s planned 10-inch export pipeline from Obangue direct to Coucal. Both the EPF and the Tsiengui-Obangue pipeline were completed on 12 June 2005, with first oil from Tsiengui produced on that day. Approximately 51,180 barrels of 31 degree API sweet crude oil gross, or 47,609 barrels net to PanOcean’s 92.5% working interest, have been produced from Tsiengui through 10 July 2005.

To assist with the further development of Tsiengui, the Company has also completed the acquisition of a 50 square kilometre 3-D seismic survey over the field. The data was acquired and is currently being processed by Veritas DGC Ltd. Processing and interpretation is expected to be completed prior to the commencement of the next phase of Tsiengui development drilling planned for Q4 2005To enable the timely completion of the balance of the development drilling program on both the Tsiengui and Obangue fields, the Company has entered into a contract with KCA Deutag Drilling GmbH (“KCAD”) for the exclusive use of a drilling rig onshore Gabon. The contract has an initial term of one year, has a one-year work commitment and provides for two six-month extensions. The KCAD rig T-48 is being mobilized from its current location in Thailand and is expected to be in Gabon in October 2005. The second phase of Tsiengui development, beginning with the drilling of TST-5H, is planned to commence in November 2005.

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