Based on the initial understanding from the well, the company said it appears unlikely that the well encountered commercial quantities of oil and gas. Unocal will record a charge for its net expense on the well in the first quarter 2003 results. The company said the earlier dry hole guidance (issued Jan. 29, 2003) of $50 to $60 million overall for the first quarter 2003 remains unchanged.
Unocal was operator of the Bohr well and had a 40 percent working interest in the well. The Discoverer Spirit drill ship is now on location to drill an appraisal well on the Champlain prospect on Atwater Valley block 63.
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