Kerr-McGee Increases Deepwater Acreage

Kerr-McGee du Maroc Ltd., a wholly owned subsidiary of Kerr-McGee Corp., has acquired a 100% interest in an exclusive Reconnaissance Permit covering the Boujdour block offshore Morocco. The block covers more than 27 million acres along the prolific Atlantic margin and lies in water depths ranging from the shoreline to more than 10,000 feet. The Boujdour block extends about 350 miles along the coast, between the towns of Tarfaya on the north and Ad-dakhla on the south, and about 200 miles offshore, covering approximately 42,500 square miles.

"The addition of this large, highly prospective deepwater acreage in Morocco complements our strategy of continuing to enhance our prospect inventory in high-potential deepwater areas around the globe," said Luke R. Corbett, Kerr-McGee chairman and chief executive officer. "This block, which is equal in size to nearly 4,750 Gulf of Mexico blocks, encompasses three known geologic basins and enhances our deepwater position in Morocco. We believe that the expertise we have gained from our successful deepwater Gulf of Mexico program can be applied directly to our interests in Morocco."

The exclusive Reconnaissance Permit allows Kerr-McGee to conduct research activities in this area. Reprocessing of existing geological and geophysical data will commence immediately and will be followed by a new seismic acquisition program. Upon the expiration of the Reconnaissance Permit period, Kerr-McGee will have the option to convert the area to a Petroleum Agreement, which would allow for exploration and production activities in partnership with the Office National de Recherches et D'Expoitations Petrolieres (ONAREP), the Moroccan state oil company. Kerr-McGee is the largest independent producer and leaseholder in the deepwater Gulf of Mexico, where it has a proven record of effectively and efficiently discovering and developing hydrocarbons in this important basin. The addition of the Boujdour block increases the company's total undeveloped acreage position to more than 82 million acres worldwide, of which 75% is in deep water.


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