Appraisal wells confirm Tahiti find in deepwater Gulf of Mexico

ChevronTexaco has had positive results from two Tahiti appraisal wells, confirming one of the most significant net pay accumulations in the history of the deepwater Gulf of Mexico. The two-well appraisal program confirmed that the reservoirs in Tahiti are well developed and correlate over 3 mi. Results validated the hydrocarbon reservoirs found in the Tahiti discovery well, with one appraisal well encountering more than 1,000 ft of net pay in high-quality sandstones.

ChevronTexaco has had positive results from two Tahiti appraisal wells, confirming one of the most significant net pay accumulations in the history of the deepwater Gulf of Mexico. The two-well appraisal program confirmed that the reservoirs in Tahiti are well developed and correlate over 3 mi. Results validated the hydrocarbon reservoirs found in the Tahiti discovery well, with one appraisal well encountering more than 1,000 ft of net pay in high-quality sandstones.

The Tahiti appraisal wells, in Green Canyon blocks 596 and 640, 190 mi southwest of New Orleans, were drilled in 4,000 ft of water. The wells were drilled simultaneously using two rigs, the Glomar Explorer and the Transocean Sedco Forex Discoverer Deep Seas, each drilling a vertical well with a sidetrack.

The Tahiti appraisal program has verified the company's initial estimates of 400-500 MMbbl of ultimate recoverable oil reserves. The estimates were announced in June 2002, soon after the discovery.

Appraisal drilling is continuing. A production test of the discovery well is planned for 1Q 2004.

"Considerable work is still ahead to evaluate the results of these wells and to screen development alternatives to optimize value," said Peter Robertson, ChevronTexaco's vice chairman.

ChevronTexaco is the operator of the Tahiti prospect with a 58% working interest. Tahiti partners are EnCana Gulf of Mexico LLC 25% and Shell Exploration and Production Inc. 17%.

04/24/03

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