UNOCAL HITS

Unocal reports that gas has been discovered in both the Gula and Gada prospects in the Ganal Production Sharing Contract (PSC) area offshore East Kalimantan, Indonesia. It is estimated that there is between 2 and 3 trillion cubic Sedco 601 feet of gas, however, more drilling will be needed to ascertain the full potential of these prospects. Both the Gula #1 and Gada #2 wells were drilled by Transocean Sedco Forex's semisubmersible, Sedco 601. The Gula #1 well was drilled to a depth of 16,182 feet and encountered over 260 feet of net gas pay. The Gada #2 well was drilled to a depth of 15,223 feet and encountered 70 feet of net gas pay. These discoveries confirm that the Central Delta Play contains huge gas resources. Unocal has now drilled four discoveries in the Central Delta Play fairway and there are still several prospects to be drilled.
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