ChevronTexaco Discovers Oil in the Shared Angola/Congo Zone

Source: www.gulfoilandgas.com 10/12/2004, Location: Africa

Chevron Overseas Congo Ltd, a subsidiary of ChevronTexaco Corp., and its partners announced a significant discovery at the Lianzi-1 exploration well in the deepwater area between the Republics of Angola and Congo.

The discovery, in the shared 14K/A-IMI Unit, is on the same stratigraphic trend as previous Block 14 deepwater crude oil discoveries at Landana (1998) and Tombua (2001) in Angola.

The Lianzi-1 exploration well was drilled in 909 meters (2,984 feet) of water. The well encountered two oil bearing reservoirs and a drill stem test of one of the intervals flowed at a rate of more than 5,000 barrels of oil per day (40? API) on 40/64 inch choke.

George Kirkland, president of ChevronTexaco Overseas Petroleum, said, "The Lianzi discovery is yet another addition to a number of excellent deepwater prospects in the region. These discoveries will provide a series of developments in the future and fuel production growth. This discovery speaks to the success of our strategy of focusing our exploration program on core, high-impact opportunities."

Jim Blackwell, managing director of ChevronTexaco’s Cabinda Gulf Oil Company said, "We’ve long been optimistic about the exploration opportunities in the 14K/A-IMI shared unit and this find helps to justify that optimism. The next step will be to complete several geologic and engineering studies to fully assess the field’s size, reserves potential and possible development options."

The shared unit covers the combined portions of "14K," Angola’s deepwater prospect lying within the limits of the Block 14 concession, and the "A-IMI" prospect, lying within the limits of the Congo’s Haute Mer permit, incorporating the area along the maritime border between the two countries. This Unitization zone of 696 square kilometers (269 square miles) is a result of protocol and participation agreements signed by Angola and Congo in September 2001 and March 2002, respectively. The two countries agreed to share revenues equally (50/50) for each block (Haute Mer and Block14).

ChevronTexaco, through its affiliate companies, holds a total interest in the block of 30.5 percent and Chevron Overseas Congo Ltd. is the Operator of the 14K/A-IMI Unit. Other participants in the two blocks include:

Chevron Overseas Congo Ltd - Operator 15%
Cabinda Gulf Oil Company Limited (CABCOG) 15.5%
SONANGOL P&P 10%
SNPC 7.5%
Total E&P Congo 25.5%
Total E&P Angola 10%
ENI Angola, 10%
GALP Exploraçao 4.5%
Energy Africa 2.0%



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