Hess completes Pony appraisal, narrows resource estimate

Hess Corp. has announced the results of its Pony No. 2 appraisal well on Green Canyon block 468 in the deepwater Gulf of Mexico.

Offshore staff

NEW YORK -- Hess Corp. has announced the results of its Pony No. 2 appraisal well on Green Canyon block 468 in the deepwater Gulf of Mexico.

The appraisal well was drilled 1.5 mi (2.4 km) northwest of the discovery well and reached a measured depth of 32,900 ft (10,028 m). The well encountered the objective target sands in a down-dip position in the water leg. Following wire-line evaluation and pressure data collection, the objective is to sidetrack the well to the oil leg up-dip.

Based on the results to date of the Pony No. 2 well, the estimated range of gross recoverable resource on the Hess-owned portion of the structure has been narrowed to 100 to 500 MMbbl from the previous estimated range of 100 to 600 MMbbl. Hess owns a 100% working interest in Pony, and is evaluating a range of development options for the discovery.

03/18/2008

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