Exxon Corporation announced that its affiliate, Esso Exploration Angola Limited(Esso), has made a deepwater oil discovery, its fifth oil find on Angola Block 15. The discovery, named Chocalho, encountered an oil bearing reservoir that flowed at a test rate of 4,554 barrels per day. The well was drilled in 3,763 feet (1,147 meters) of water to a total depth of 8,245 feet (2,513 meters). During 1998, Esso and Sonangol announced the Hungo, Kissanje, Marimba and Dikanza Block 15 discoveries. Chocalho is located in the Hungo area. All five of the discovery wells are located approximately 230 miles (370 kilometers) west of Luanda. The discoveries represent a world-class development opportunity with a recoverable reserves potential in excess of 2 billion oil equivalent barrels. The production concept for initial development on Block 15 is being finalized. Including Block 15, Exxon affiliates have to date participated in eleven key announced deepwater discoveries offshore West Africa. In addition to Esso (40 percent), other participants in Block 15 are BP Exploration (Angola) Limited (26.67 percent), Agip Angola, Limited (20 percent) and Den Norske Stats Oljeselskap a.s. (13.33 percent).

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