,,,,,,,,,,,,,,,,,

Big volume today and a good rise.

Drilling Update

RNS Number:4562B
FirstAfrica Oil PLC
12 April 2006

12 April 2006


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

Update on Drilling of East Orovinyare Field Offshore Gabon

FirstAfrica Oil plc (AIM: FAO) ("FirstAfrica" or "the Company"), the upstream
African oil and gas company, is pleased to announce that its field development
plan for the East Orovinyare Field offshore Gabon ("EOV") moves into its next
stage with the arrival of the GlobalSantaFe Adriatic VI jack-up rig on Thursday,
13 April.

The Adriatic VI will continue the phased drilling programme that commenced in
January when the EOV-4 appraisal/development well successfully proved up the
eastern flank of the EOV Field.

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 late 2006.

The Company will update the market regarding the financing of its development
programme in due course.

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

End




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

END
DRLILFIESSIFLIR

Good news.

Hopefully now, game on!

Jimarilo on the other channel found this.........

Scotia Waterous invitation for farm in or funding.

must be anousing funding or farm in sooooooooon,someone will want a share of there action,but at what price, they are Very short on cash so may be forced to let things go cheap.

have held off buying these because .....

a) Finance was meant to be in place by beginning April if memory serves me right.

b) Announcement of 12/4 implies that finance deal far from concluded

c) Thus question is raised as to why a company that alleges to have top quality sites etc is findiong it so difficult to find backers

Cynic FAO

Its worth the risk with a small point. Whats wrong with the other board?(jaak)

don't know

This site is a mess just now............

http://www.wallstreetreporter.com/linked.php?id=17039

Superb drill results just released.

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 ?