Texaco announced the completion of testing on the Agbami-2 appraisal well, which confirmed that the Agbami structure is a giant discovery with potential recoverable reserves in excess of one billion oil equivalent barrels. The well test surpassed expectations and, together with other technical data, suggests that the Agbami discovery likely ranks among the largest single finds to date in deepwater West Africa. The structure spans an area of 45,000 acres and extends from Block 216 into Block 217, offshore Nigeria. Texaco's share of the production from this resource is expected to exceed 50 percent. The Agbami-2 appraisal well, located in Block 216 approximately 220 miles southeast of Lagos, was drilled in 4,800 feet of water to a total depth of 15,683 feet. The well encountered 534 feet of pay in five separate oil-bearing zones, one of which flowed at a maximum rate of 10,000 barrels of oil per day with a well-head pressure of 2,200 psi (pounds per square inch). Texaco has interests in a total of five contiguous deepwater blocks offshore Nigeria, all of which have significant undrilled potential. In Block 216 the interest owners are Famfa Oil, an independent Nigerian oil company - operator, Texaco's wholly owned affiliate Star Deep Water Petroleum Limited - technical advisor, and Braspetro-Petrobras Internacional S.A. In Block 217 the interest owners are Statoil - operator and Texaco Nigeria Outer Shelf Ltd. Texaco also has interests in Blocks 213, 215 and 218. With the completion of Agbami-2, the drill ship Glomar Explorer will move 13 miles west to test another very large exploration prospect also located in Block 216. This well, Ikija-1X, is expected to spud this month.

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