FirstAfrica anticipates Gabon production in 2007

FirstAfrica Oil has completed its initial development drilling program offshore Gabon in the East Orovinyare field. The Global SantaFe Adriatic VI drilled four wells and the operator says initial production is expected in 3Q07 at more than 7,000 b/d of oil.

Offshore staff

LONDON -- FirstAfrica Oil has completed its initial development drilling program offshore Gabon in the East Orovinyare field. The Global SantaFe Adriatic VI drilled four wells and the operator says initial production is expected in 3Q07 at more than 7,000 b/d of oil.

FirstAfrica said the field development platform is 80% complete and that further development spending will be about $45 million.

"We are satisfied with the overall results from the drilling program and greatly encouraged to have found several new potential oil bearing zones in the deeper horizons," said Robert Kirchner, FirstAfrica CEO.

"While these deeper horizons are likely to enhance reserves, of more immediate impact on production volumes is the information gained from this drilling program that has allowed us to identify the 'sweet' spots for additional production wells in the Batanga
reservoir. As well, the data has confirmed our ability to complete and produce from the two wells in the field that were previously drilled and suspended by the previous operator."

9/07/06

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