Offshore staff

The Nigeria-Sao Tome & Principe Joint Development Authority, Chevron and its co-venturers Esso Exploration and Production Nigeria-Sao Tome (One) Ltd., and Dangote Energy Equity Resources, encountered hydrocarbons in the Obo-1 exploration well in Block 1 of the Nigeria - Sao Tome and Principe Joint Development Zone.

Chevron interpreted the Obo-1 well log as indicating a cumulative total of at least 150 ft (45 m) of net hydrocarbon pay in multiple reservoirs and provided important reservoir rock and liquid samples, which need to be evaluated and integrated into the interpretation of the Obo Area to determine the next step of the appraisal process. At this stage, it is premature to determine whether or not Chevron and its co-venturers have made a commercial discovery.

The Obo-1 well is located in 1,720 m of water (5, 640 ft) 190 mi (300 km) north of the city of Sao Tome and 125 mi (200 km) south of Port Harcourt, Nigeria. Chevron JDZ has a 51% equity share in the block while Esso Exploration and Production Nigeria-Sao Tome (One), and Dangote Energy Equity Resources have the remaining 40% and 9%, respectively.

5/30/06