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Drilling Results

RNS Number:3302D
FirstAfrica Oil PLC
22 May 2006


May 22, 2006

FirstAfrica Oil plc

Drilling Results - EOV Field - Gabon

FirstAfrica Oil plc (AIM: FAO) ("FirstAfrica" or "the Company"), the upstream
African oil and gas company, is pleased to announce the successful drill stem
testing on May 20-21, 2006 of its second appraisal/development well, EOV-5, in
the East Orovinyare Field ("EOV"), offshore Gabon.

The well flowed oil at a rate of 1,800 to 1,900 barrels of oil per day (bopd) on
natural flow; this was followed by a three point isochrone test which yielded an
average rate of 2,857 bopd utilising nitrogen gas lift (this technique simulates
the effect of down hole pumps which will be used in completion of the wells as
production wells) and a maximum instantaneous flow of 4,535 bopd. Initial
analysis suggests that EOV-5 encountered a gross section of 244 feet (measured
depth) containing oil saturated sandstone.

The field development plan for EOV continues to move through the staged drilling
of its production wells with the Global SantaFe Adriatic VI jack-up rig. The rig
has been drilling from the six-slot template at the production platform location
since April 16 2006.

The Adriatic VI will continue the phased drilling programme that commenced in
January 2006 when the EOV-4 appraisal and development well was drilled by the
Adriatic IX jack-up. EOV-4 proved the eastern flank of the EOV field when it
encountered an oil column of 165 feet, but hole stability problems (specific to
EOV-4) prevented drill stem testing from being satisfactorily carried out. EOV-4
was temporarily suspended and it is planned for the well to be re-entered in the
current drilling campaign.

The field development plan calls for production from four wells to a single
unmanned platform tied back to a Floating Production, Storage and Offloading
vessel (FPSO). Production of the light crude (37.5 API) will be processed on the
FPSO and is expected to commence in early 2007.

Commenting on these drilling results, FirstAfrica CEO Robert Kirchner said, "The
results from EOV-5 exceed expectations and certainly help to alleviate our
frustration over the delayed results from EOV-4. We look forward to rapidly
progressing the remaining development program over the coming weeks."

ENDS


For further information, please contact:

FirstAfrica Oil plc
Robert Kirchner, Chief Executive
Tel: +44 (0)207 408 7630

Strand Partners Limited
Simon Raggett / Rory Murphy
Tel: +44 (0) 207 409 3494

M:Communications
Stuart Leasor
Tel: +44 (0) 207 153 1527

LONDON (AFX) - FirstAfrica Oil PLC announced better-than-expected results
from drilling in well EOV-5 in the East Orovinyare field offshore Gabon.
"The results from EOV-5 exceed expectations and certainly help to alleviate
our frustration over the delayed results from EOV-4. We look forward to rapidly
progressing the remaining development program over the coming weeks," said
FirstAfrica chief executive Robert Kirchner.
The EOV-4 well had to be temporarily suspended due to hole stability
problems but FirstAfrica said it is planned for the well to be re-entered in the
current drilling campaign.
The EOV field development plan involves production from four wells to a
single unmanned platform tied back to a Floating Production, Storage and
Offloading vessel (FPSO), where the oil will be processed. Production is
expected to commence in early 2007.

Thanks mm, beat me to it, but they delayed the NS till well after I would have expected it.

Nice result, patience is the key here I think?

bought a few more today,must be annouseing fund raising soon,should then be full spead ahead,good Volume so people like the news in these desperate days for oils.

trying to work a projection for 07 when oil should flow, 4 wells at 1500 bopd=6000 x 50 dollars .x 30 for bopm = $9 million per month.which is 5 million pounds,i haVe worked all this to the low end .but what i would like is an idea where this would put share price in 07.any one.

Had a quick look at the accounts. My concerns were-----------
1. Value of assets established by Directors
2. Already lost $11million offshore Congo
3 Directors and CE seen well paid in relation to size of Company
4 CE and main Directors have not purchased shares in the Company
5 Large commitments to the Gabonese Government each year

From a cursory look I would suggest for gamblers only!.

Quite agree churchill and todays RNS has just about finished this for me.

Where is my bargepole.

Did not realise that the directors FAO were quite as profligate as those at ELP! ..... I haven't really followed this, but they would seem to have found a viable site or two ..... However, if this is truly so, it makes one wonder why they have clearly had such porblems in raising finance - i.e. it should have been immediately bankable.

IMO, this is a very interesting if very very high risk punt insofar as sp ius down about 70% from its all time peak and even 40% down from a spike in about Feb ..... All of which means diddly unless the funding really is put in place before their world collapses ..... But if the funding is forthcoming, then i dare say one could double one's money (or more?) overnight.

For my money, I think I'll stay with BUR, VOG, SEY and EME (which is sufficiently high risk itself)

Think with the impending news and the actual confirmation of oil in EOV5 this is less of a risk now than it ever was.

(Also hold SER and BLR)

What do we have to say ?

From todays news

Gabon Update

FirstAfrica is currently drilling its third development well in the East
Orovinyare Field offshore Gabon, and results are expected to be announced
shortly. The Company's field development plan calls for production to start
early next year from four wells producing to a single unmanned platform tied
back to a Floating, Production, Storage and Offloading Vessel (FPSO). The
platform construction and additional infrastructure development is moving in
parallel with the drilling programme and installation of the platform and
downhole pumps is planned for 4Q 2006. In addition to the development field,
the Company has further exploration assets in Gabon and plans to fund
exploration activities from cashflow in 2007.

Commenting on the successful fundraising, FirstAfrica CEO Robert Kirchner said,
"We are pleased with this strong show of support by both existing shareholders
as well as new investors, particularly bearing in mind the significant
deterioration in recent market conditions. I look forward to working with our
expanded investor base as FirstAfrica continues to make significant strides
towards first oil."

Now they would not be continuing wth the infrastructure development if all was not going to plan !

Drilling Update

RNS Number:9454F
FirstAfrica Oil PLC
10 July 2006


10 July 2006

FirstAfrica Oil Plc ("FirstAfrica Oil" or the "Company")

Drilling Update - EOV Field

FirstAfrica Oil announces the results of the EOV-4 sidetrack well drilled from
EOV-4 (drilled in February 2006) within the East Orovinyare Oil Field ("EOV
Field"), offshore Gabon. EOV-4 could not be tested due to mechanical
difficulties and this sidetrack has been drilled to a location 200m south of the
EOV-4 location. The sidetrack was initiated on 26 June and was drilled into the
southeastern sector of the EOV Field utilizing the GlobalSantaFe Adriatic VI
jack-up rig.

The sidetrack encountered no mechanical difficulties and the oil-bearing Batanga
reservoir was entered at a measured depth of 3,840 feet. The reservoir was
logged and preliminary analysis indicates a gross oil reservoir section of 280
feet (measured depth). Net sandstone and dolomite reservoir is estimated to be
approximately 98 feet thick (measured depth). Drill stem testing from 5-7 July
was successful and oil flowed through a 160 feet slotted liner at a maximum
instantaneous flow rate of 1704 bopd. The gravity of the oil was measured to be
38 degrees API and the H2S content was zero. Due to dolomitization, the porosity
at this location is lower than found elsewhere in the EOV Field. The resulting
'fracture porosity' encountered in this sidetrack is considered to be localized
and acid fracture treatment is intended to significantly enhance the production
rate. It is planned that this treatment will be applied prior to final
completion of the well.

The Company's field development plan calls for production to start from early
next year from four wells producing to a single unmanned platform tied back to a
Floating, Production, Storage and Offloading Vessel (FPSO). The platform
construction and additional infrastructure development is moving in parallel
with the drilling programme and installation of the platform is planned for 4Q
2006.

FirstAfrica CEO Robert Kirchner said, 'We are pleased with the progress in our
development drilling programme which is scheduled to be completed at the end of
July. EOV-4 has now been suspended and the Adriactic VI rig is now preparing to
drill the EOV-7 development well, the final well in the current sequence of
development wells.'

Enquiries:

FirstAfrica Oil plc
Robert Kirchner
+44 (0)207 408 7630

M:Communications
Patrick d'Ancona
+44 (0)207 153 1547

Strand Partners Limited
Rory Murphy
+44 (0)207 409 3494


Review by Qualified Person

The technical information and opinions contained in this announcement been
verified by Dr. Hans Ryckborst, Gabon Country Manager for FirstAfrica Oil plc.
Dr. Ryckborst is qualified as a both a Professional Geologist and a Professional
Engineer (University of Leyden) and is a member of The Association of
Professional Engineers, Geologists and Geophysicists of Alberta ('APEGGA'), The
Association of Professional Engineers & Geologists of Saskatchewan Canada
('APEGS'), and The Royal Institute of Engineers of The Netherlands ('KIVI').



This information is provided by RNS
The company news service from the London Stock Exchange
END

DRLILFESDTIILIR


Great news !

http://www.energem.com/energem_news_current.asp

shares in foa been on the moVe this week,got most of there debt put into shares at 4p. july is said to be end of the 4 well drilling programe,then seting up prodution for early 07.could be 5000-6000 bopd,that looks big numbers to me, doubled my holding back at 4p,since we haVe seen 3p o dear,looking to get more if this next drill result comes in with more oil.should be in next 2weeks.

looking good for a big rise i feel very soon, back up to 10p imo

Flittermaus - 4 Aug'06 - 16:48 - 10179 of 10182


Just found this link on google reference FSPO, EOV mentioned

http://www.imastudies.com/id157.htm

Extract below but follow link for full list

Floating Production Systems

November 2005 Report



II. RECENT DEVELOPMENTS


2. Projects in the Final Design or Bidding Stage


EOV (Gabon)



FM