Pogo Outlines Development Program for the Gulf of Thailand

Pogo said of its drilling program in the Gulf of Thailand on Block B8/32 that it drilled eight successful wells during the fourth quarter of 2003 including two new exploratory wells in Maliwan field: the far-south No. 11 well, with 92 feet of pay; and the No. 10 in far- north Maliwan. Future platforms will be needed at the site of each of those two discoveries. Fourth quarter 2003 development drilling also targeted the Maliwan field, including six new "A"-platform development wells, which averaged 160 feet of oil and natural gas pay per well.

Maliwan natural gas production, which is gathered to and sold at the nearby Benchamas field complex, will be shut-in during much of the first quarter of 2004 so that water processing and other Benchamas field production facilities can be upgraded to permit greater production levels in the future.

First quarter 2004 drilling in Thailand will include approximately eight development wells at the newly installed Tantawan "H" platform, followed by a similar number of development wells to be drilled on the new Benchamas "J" platform.

Pogo and its partners were awarded a new 30-year "production license area" (PLA) on the 31,000-acre Benchamas North area. The first two platforms are now being planned for the Benchamas North field. In December, an application for another PLA was submitted, covering 20,000 acres of Block 9A located adjacent to the eastern edge of the Tantawan field. Action on the Block 9A PLA application is expected within the year.

Pogo holds a 46.3% stake in the Gulf of Thailand Block B8/32.

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