Conoco Indonesia continues a successful drilling program in Block B, West Natuna Sea, offshore Indonesia with the discovery of a new well. The well encountered three new pay zones in the deeper Gabus formation and also confirmed hydrocarbons in pay zones equivalent to those in the adjacent Belanak field. The well tested at a combined rate of 5,375 barrels of oil and condensate per day and 21 million cubic feet of gas per day from the new pay intervals. The new reserves are not dedicated to the West Natuna Sea contract, which calls for the long-term supply of natural gas, at the rate of 325 million cubic feet per day from Indonesia to Singapore via an undersea pipeline commencing in 2001. This will be the first international sale of pipeline natural gas from Indonesia. "The natural gas reserves necessary to meet the current contractual obligations for the long-term supply of natural gas to Singapore have long been certified," said Jim D. McColgin, general manager and president of Conoco Indonesia. "Our 1999 drilling program successfully demonstrates that Block B has additional natural gas reserves that could be used to meet increased demand for natural gas in Singapore or elsewhere in the Asia Pacific region," he emphasized. Development plans for the Belanak field are currently being evaluated. Conoco Indonesia, with a 40-percent interest, is the operator of Block B under a production-sharing contract granted by Indonesia. Other Block B partners are Indonesia Petroleum Ltd. (35%) and Texaco Inc. (25%).

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