SANTA FE SNYDER

A successful well has been drilled offshore China at the South Bootes structure on block 15/34. This well will extend the field and increase reserve estimates to between 50 and 70 million barrels. The development of this and other discoveries is expected to start in the fourth quarter of 2002. Another exploration well is expected to be completed on block 15/35 by June of this year. Santa Fe Snyder has approximately 3.8 million net acres in the Pearl River Mouth Basin offshore China.
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