The West Cameron 77 #1 well encountered approximately 120' of net gas pay in two zones between 16,800' - 17,600'. The well was deepened to 19,603' (18,500' vertical depth) and encountered an additional zone that appears to have possible pay over a large gross interval. This zone will be evaluated during the completion stage. Newfield is evaluating development plans for the discovery and expects first production from the field in early 2005. Depending on the depths of the pay sections completed in this wellbore, the field will qualify for 15-25 Bcf of royalty relief under the Minerals Management Service's rules.
Newfield has drilled 12 successful deep shelf exploration wells out of 19 attempts to date. The Company expects to spud additional deep shelf tests in the remainder of 2004.
Newfield operates the West Cameron 77 discovery with a 45% working interest in a joint development area covering portions of West Cameron 77 and West Cameron 96, prior to payout. After payout, Newfield's interest, subject to a 25% back in by Seneca Resources Corporation, will be 33.75%. The remaining interest in the discovery is owned by BHP Billiton (30.95%), Houston Exploration (13.75%) and Ridgewood Energy Corp. (10.3%).
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