Two deepwater successes for ChevronTexaco

ChevronTexaco Corp. affiliate, Star Ultra Deep Petroleum Ltd. has a significant oil discovery on its Nigeria deepwater license OPL 249.

ChevronTexaco Corp. affiliate, Star Ultra Deep Petroleum Ltd. has a significant oil discovery on its Nigeria deepwater license OPL 249.

The rank wildcat Nsiko-1 well, which was drilled to a total depth of 13,968 ft, discovered a substantial amount of net hydrocarbon pay in multiple zones. One zone was tested at 6,500 b/d of high quality crude under restricted flow conditions. The well was abandoned upon completion of testing operations.

Appraisal drilling on the Nsiko discovery is planned for the first half of 2004.

Star Ultra Deep is 100% equity holder and technical advisor to Oil & Gas Nigeria Ltd.

ChevronTexaco also saw positive results from an appraisal well drilled on the Aparo field. The Aparo-3 well confirmed the extension of the Aparo oil field onto OPL 249. The well, drilled in 4,270 ft of water to a total depth of 12,000 ft, encountered a substantial amount of net oil sand. The results from the Aparo-3 well indicate OPL 249 Aparo, OPL 213 Aparo, and oil mining lease (OML) 118 Bonga SW discoveries share a common structure. This could lead to joint oil development by shareholders in OPL 249, OPL 213 (operated by Texaco Nigeria Outer Shelf Ltd. with 100% interest), and OML 118 partners (where ChevronTexaco has no affiliate interest).

Jay Pryor, Star Ultra Deep and ChevronTexaco Nigeria/Mid-Africa strategic business unit managing director, said, "The Aparo and Nsiko wells on OPL 249 confirm its commercial viability."

"This latest exploration success is very exciting, especially as it follows so closely on the recent successful Usan appraisal well," said George Kirkland, president of ChevronTexaco Overseas Petroleum.

In addition to OPL 249, the affiliate companies of ChevronTexaco Corp. in Nigeria hold deepwater contractor equity in OPL 213, OPL 214, OPL 222, OPL 216, OPL 215, OPL 250, OPL 217, OPL 218, and OPL 318.

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