Another oil strike offshore Angola

Chevron subsidiary Cabinda Gulf Oil Co. Ltd. has made another new oil discovery in deepwater block 14, in the Lower Congo basin offshore Angola.

Offshore staff

SAN RAMON, California-- Chevron subsidiary Cabinda Gulf Oil Co. Ltd. has made another new oil discovery in deepwater block 14, in the Lower Congo basin offshore Angola.

Discovery well Malange-1 was drilled in 266 m (873 ft) water depth to a TVD of 4,743 m (15,561 ft) and encountered a 65-m (213-ft) oil reservoir. The well was tested and flowed high-quality crude at a rate of 7,669 b/d. Malange-1 is the 11th exploration discovery made in block 14 since 1997.

"Chevron is pleased with the success of this well, which further underscores the continuing success in this prolific block and helps enhance the company's already strong position in Angola and western Africa," says Alan Kleier, managing director of Chevron's southern Africa strategic business unit.

The discovery will be followed by further drilling in addition to geologic and engineering studies to appraise the field.

Cabinda Gulf Oil Co. Ltd. operates block 14 with 31% interest. Total holds 20% interest in the block alongside, Sonangol P&P with 20% interest, Eni with 20% interest, and Galp with 9% interest. Sonangol is the block concessionaire.

8/9/2007

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