EEX Provides Update on Gulf of Mexico Operations

EEX's Gulf of Mexico program is still on track. The Glomar Arctic I is drilling the Llano No. 4 appraisal well and results from this well are expected to be available in October of this year. As reported in May, EEX transferred operatorship of the Llano Field in Garden Banks Blocks 385 and 386 to Enterprise Oil. Enterprise has formed a development project team, and studies focused on a range of development options are underway. One of these studies will evaluate the Enserch Garden Banks floating production system for use in Llano development. EEX anticipates a development decision during the first half of 2002. In addition to the evaluation of the floating production system for use at Llano, EEX and its co-owner, ExxonMobil, continue to seek both in-house and third party projects for this asset.

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