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PanOcean Announces $164 M 2006 Capital Program

Source: www.gulfoilandgas.com 1/27/2006, Location: Africa

Pan-Ocean Energy Corporation Limited has approved a $164 million exploration and development capital program for 2006. This plan is designed to more than double 2005 production. Approximately 20% of the budget is allocated to exploration activity. The 2006 program contemplates the following key activities:

- drilling of five exploratory wells, four onshore and one offshore;
- drilling and completion of 20 development wells -- 18 onshore and two offshore; a gas injection well and a water disposal well;
- installation of a Central Production Facility at Tsiengui;
- the installation of a 5,000 bopd Early Production Facility on Koula with the Awoun partners; and
- completion of a wholly-owned and operated 29 km 10" export pipeline, as well as a pump station that together will be used to transport crude oil from the Tsiengui/Obangue/Awoun area.

The program includes the costs for the installation of a production platform at Avouma and the drilling of two Avouma development wells.

The Company is currently drilling the first of 15 additional development wells on its Tsiengui field. Construction of the 29 km 10 export pipeline from Tsiengui to Coucal is progressing as planned, with the pipeline expected to be commissioned by July 2006.

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