Kerr-McGee acquires deepwater interests offshore the Bahamas

Kerr-McGee Bahamas Ltd. and Atlantic Exploration and Production Co., wholly owned affiliates of Kerr-McGee Corp., have acquired 100% interest in nine oil and gas licenses offshore the Bahamas. The licenses, in the Blake Plateau basin about 100 mi north of Freeport, Grand Bahamas Island, cover 6.5 million acres in water depths ranging from 650 ft to more than 7,000 ft.

Jun 27th, 2003

Kerr-McGee Bahamas Ltd. and Atlantic Exploration and Production Co., wholly owned affiliates of Kerr-McGee Corp., have acquired 100% interest in nine oil and gas licenses offshore the Bahamas. The licenses, in the Blake Plateau basin about 100 mi north of Freeport, Grand Bahamas Island, cover 6.5 million acres in water depths ranging from 650 ft to more than 7,000 ft.

The Blake Plateau basin is on the southern margin of a large structural terrace that is between the shelf margin and Atlantic abyssal plain. These blocks contain multiple play types, including large untested carbonate structures similar to producing fields in North Africa and the Middle East. The first phase of Kerr-McGee's work program for the Bahamas includes acquisition and interpretation of seismic data.

"These blocks expand our exploration opportunities along the deepwater Atlantic Margin, where we have licenses offshore Nova Scotia, Brazil, Morocco, Benin, and Gabon," said Luke R. Corbett, Kerr-McGee chairman and CEO.

06/27/03

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