Pan-Ocean Energy Corporation Limited together with its Etame co-venturers announced that the Etame ET-6H well has been successfully completed and tied in to the Floating Production, Storage and Offloading vessel offshore southern Gabon. The well is producing at a rate of 6,100 barrels of oil per day ("bopd") (1,913 bopd net PanOcean) on a one-inch choke from the Gamba formation. The well was drilled horizontally through the upper portion of the Gamba sandstone for a distance of approximately 460 metres and completed with a gravel-packed liner. The ET-6H well is completed at the highest point in the reservoir of any well completed to date on the Etame Field.
At the current choke setting, the well brings total field production to approximately 24,000 bopd (7,525 bopd net PanOcean). Over the next number of
days, the consortium will evaluate the effect of the ET-6H well on the existing wells in the pool before making any further adjustments to field production rate. Together with the current constraints onshore, the increase in Etame volume brings PanOcean's current oil production to over 11,000 bopd.
The next phase of development of the Etame Marin Permit is the Avouma/South Tchibala discovery south of the Etame Field, announced in July 2004. The consortium has commenced construction of the production platform for the Avouma/South Tchibala development project, and continues to plan for its installation during the second quarter of 2006. The development is contemplated to be a two-well project, anticipated to add production of approximately 10,000 bopd (3,136 bopd net PanOcean).
Concurrent with the startup of the ET-6H well, the consortium completed a lifting of approximately 500,000 barrels (156,800 bbl net PanOcean) on 31 July 2005.
PanOcean owns a 31.36% working interest the Etame field, with the other partners VAALCO Energy, Inc. (28.07% and operator), Sasol (27.75%), Sojitz Etame Limited (2.98%), PetroEnergy Resources Corp. (2.34%) and Tullow Oil plc (7.5%).
