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TRITON REPORTS 51 PERCENT INCREASE IN YEAR-END OIL AND GAS RESERVES, ANNOUNCES CAPITAL SPENDING BUDGET FOR FY 1994

 DALLAS, Aug. 30 /PRNewswire/ -- Triton Energy Corporation (NYSE: OIL) today reported that the company's 1993 SEC proved reserves increased 51 percent to approximately 130 million barrels of oil equivalent (boe) at May 31, 1993, compared to 86 million boe at May 31, 1992.
 The increase in total proved reserves primarily reflects an increase in Triton's Colombian oil reserves in the Cusiana and Cupiagua Fields, as a result of successful confirmation wells drilled in fiscal 1993. This increase was offset by the elimination of proved undeveloped reserves previously attributable to Triton Europe's French properties.
 Triton's 1993 oil reserves reflect the Colombian government's approval on June 29, 1993, of commerciality for the Cusiana and Cupiagua Fields. At that time, the government oil company exercised its contractual right to acquire a 50 percent working interest in the two contract areas. Triton now holds a 12 percent working interest in these contract areas, which is equivalent to a 9.6 percent net revenue interest after a government oil royalty of 20 percent. The 1992 proved oil reserves reflected the previous 24 percent working interest.
 An appraisal by the company's independent petroleum engineers, DeGolyer and MacNaughton, using the SEC definition for reserve reporting, determined that proved reserves for Triton's Colombian properties tripled to 88.9 million boe from the number reported last year. Colombian reserves would have increased six fold if the current 12 percent working interest was applied to 1992 Colombian reserves. (Triton's Colombian reserves in 1992 would have totaled 15.2 million boe, if adjusted to reflect today's 12 percent working interest in the fields.)
 Triton's 1993 Colombian reserves do not reflect any reserves that may be developed beyond the currently approved initial production plan for the Cusiana Field. The company expects that additional exploration, delineation and development drilling in both the Cusiana and Cupiagua Fields, as well as approval of the full field development plans, could provide the technical support for future increases in reserve figures.
 For fiscal 1993, capital expenditures totaled $125 million. For fiscal 1994, the Triton board approved a budget of approximately $140 million, of which approximately $100 million is earmarked for Colombia and the balance for Malaysia/Thailand, Argentina and other new venture areas. Timing of Malaysia/Thailand expenditures depends on the signing of a joint operating agreement and production sharing contract in Block A-18.
 Triton Energy, with headquarters in Dallas, is an international independent oil and gas exploration and production company with oil and gas interests in 12 countries.
 NOTE:
 A conversion of 6,000 cubic feet of gas per barrel was used. Reserve totals include all subsidiaries.
 Capital expenditures for fiscal 1994 include capitalized interests but exclude expenditures for Triton Canada, which was sold earlier this year.
 -0- 8/30/93
 /CONTACT: W. Greg Dunlevy or Linda Covington of Triton Energy Corporation, 214-691-5200/
 (OIL)


CO: Triton Energy Corporation ST: Texas IN: OIL SU:

WB -- NY034 -- 7014 08/30/93 10:32 EDT
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Publication:PR Newswire
Date:Aug 30, 1993
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