Newfield updates the Treasure Island project

Newfield Exploration Co. has received notice from BP Exploration and Production Inc. of its intent to drill an initial well to test the Treasure Island exploration concept under the joint exploration agreement between BP and Newfield.

Newfield Exploration Co. has received notice from BP Exploration and Production Inc. of its intent to drill an initial well to test the Treasure Island exploration concept under the joint exploration agreement between BP and Newfield.

Under the agreement, if BP does not begin drilling the initial well by Jan. 1, 2004, the agreement will terminate and the interests in the 20 leases assigned to BP under the agreement will be reassigned to Newfield for nominal consideration. BP and Newfield are conducting further technical work to refine plans for the area.

Treasure Island refers to a concept developed to explore for oil and gas in ultra-deep horizons below a salt weld typically found at 18,000 ft, but sometimes as deep as 22,200 ft, in the Gulf of Mexico shelf. The Treasure Island area covers horizons below specified depths in 116 lease blocks offshore Louisiana.

06/02/03

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