CHEVRON FIND

Chevron reports a significant natural gas find offshore Western Australia with the Geryon No. 1 well, operated by the West Australian Petroleum Pty. Limited (WAPET) joint venture. The wildcat discovery well, Geryon No. 1 was spudded in August in approximately 4,040 feet of water and reached a total depth of 11,532 feet subsea. The well was drilled by Marine Drilling s semisubmersible, Marine 500. Initial results indicate hydrocarbon gas pay in three high quality reservoir zones with a total net gas pay of 113 meters over a 242 meter gross interval. This was the first exploratory well in permit area WA-267-P, which was awarded to WAPET in 1997. This discovery adds to the 21.5 trillion cubic feet of certified proven, probable and possible gas reserves in the WAPET-operated permits off Western Australia. The joint venture participants in WA-267-P are Chevron Asiatic Ltd. (25%), Texaco Australia Pty. Ltd., (25%), Mobil Exploration and Producing Australia Pty. Ltd. (25%), Shell Development Australia Pty. Ltd. (12.5%) and BP Amoco Exploration (Alpha) (12.5%).
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