ExxonMobil Angola Subsidiary Announces Seventeenth Deepwater Discovery on Angola Block 15

Source: www.gulfoilandgas.com 3/2/2004, Location: Africa

IRVING, Texas (March 2, 2004) - Exxon Mobil Corporation today announced that its subsidiary, Esso Exploration Angola (Block 15) Limited (Esso), and Sociedade Nacional de Combustiveis de Angola (Sonangol) have made the seventeenth deepwater oil discovery on Angola Block 15.

Bavuca-1 was drilled in 3,589 feet (1,094 meters) of water to a total depth of 10,613 feet (3,235 meters). The discovery well tested at a flowrate of 2,726 barrels of oil per day with an API gravity of 17-18 degrees.

These, and other discoveries previously announced on Angola Blocks 15, 17, 31 and 32, represent significant additions to the Company's resource base in Angola, which now stands at more than 11.5 billion oil-equivalent barrels (gross).

Esso and Sonangol have previously announced sixteen Block 15 discoveries with Hungo, Kissanje, Marimba and Dikanza in 1998; Chocalho and Xikomba in 1999; Mondo, Saxi and Batuque in 2000; Mbulumbumba, Vicango and Mavacola in 2001; Reco Reco in 2002; and Clochas, Kakocha and Tchihumba in 2003.

Located approximately 215 miles (350 kilometers) northwest of Luanda, Block 15 represents a world-class development opportunity with the potential to recover about 4.5 billion oil-equivalent barrels (gross).

In addition to Esso (operator, 40 percent), other participants in Block 15 are BP Exploration (Angola) Limited (26.67 percent), ENI Angola Exploration B.V. (20 percent) and Statoil Angola (13.33 percent). Sonangol is the Concessionaire.



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