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Vanco in Equatorial Guinea

Following Triton's Ceiba discovery in October 1999, Vanco re-opened its study of the Rio Muni trend offshore Equatorial Guinea. Vanco's team concentrated its interest south of Ceiba on a series of open blocks that lay in the deepwater Rio Muni trend. Evaluation of existing 2D seismic underscored the continuation of the trend into the region immediately south of Ceiba. Of specific interest was the presence of one lead, Alpha, in the northeast sector of Block K (Corisco) that appeared to be on trend and geologically similar to the Ceiba discovery.

Four months later, on March 2, 2000, Vanco signed a Production Sharing Contract with the Republic of Equatorial Guinea for the Corisco Deep Block. Located southwest of Triton's Block G, in water ranging from 200 to 2,500 meters, the Corisco Deep Block covers 1.1 million acres, and borders Saõ Tome and Príncipe to the west and the Republic of Gabon to the south. The block takes its name from Corisco Island 35 kilometers to the east.

Corisco Deep falls within the widening swath of the Deepwater Rio Muni trend, an Upper Cretaceous turbidite trend with a structural setting similar to the Ceiba field. The block also features a number of salt-supported structures of considerable interest. The block appears to have at least 35 prospects.
Based on existing 2D & 3D seismic, Vanco conducted a 3D program over the Corisco Deep Block in the spring of 2001. The WesternGeco R/V Trident shot a 3,120-square-kilometer program for Vanco. Interpretation and well location identification will continue for the next year.

Considering the region's discovery rate, Corisco Deep has every possibility of being a low-risk, fast-track drilling and development opportunity. A minimum of two wells will be drilled by 2003. The Alpha prospect will be drilled using a drillship or semi-submersible with early production from a subsea completion well system produced into a FPSO. Advanced field development might use directional drilling from a conventional drilling and production platform in shallow water.