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Shell Gabon, Partner Make Light Oil Discovery

THE WALL STREET JOURNAL: Shell Gabon, Partner Make Light Oil Discovery

DOW JONES NEWSWIRES

Posted 7 Sept 04

Edited Press Release

LONDON — Shell Gabon and its co-venturer Pan-Ocean Energy Corporation Limited said Monday that they have made a light oil discovery.

The exploration well is AWOKOU-1, located on the Koula prospect in the Awoun Permit situated eight kilometres to the north of the Total/Shell producing Avocette field and five kilometres to the northwest of the PanOcean’s producing Obangue field onshore Gabon, West Africa.

Shell, the operator, and PanOcean each have a 50% interest in the well prior to the government 20% back-in.

The AWOKOU-1 exploration well was successfully drilled and logged with the Simpler 101 rig to a total depth of 1,926 meters. Based on the data collected thus far, the AWOKOU-1 well has come in close to prognosis and found oil in thick Gamba sandstone.

AWOKOU-1 is the first well drilled as part of a two-well exploration campaign in the permit and is currently being suspended at the 9 5/8″ casing.

The second exploration well (AWODAM-1) will be drilled in October 2004, some three kilometres to the southwest of the AWOKOU-1 discovery.

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