Unocal Announces Discovery Offshore Indonesia

Unocal Corporation said that its Unocal Rapak, Ltd., subsidiary drilled a natural gas and crude oil discovery on the Ranggas prospect in the southern portion of the Rapak Production-Sharing Contact (PSC) area, offshore East Kalimantan, Indonesia.

The Ranggas-1 well was drilled to a total depth of 11,845 feet in 5,303 feet of water by Transocean Sedco Forex's semisubmersible, Sedco 601. The well encountered 250 feet of gas pay and 40 feet of oil pay.

The discovery well is located on a new geologic structure approximately 28 miles southeast of Indonesia's first deepwater field, West Seno. West Seno is currently being developed by Unocal.

Unocal expects to conduct delineation drilling on the structure, with additional results expected in March.

Unocal Rapak is operator of the Rapak PSC. Pending Pertamina approval, Unocal holds an 80-percent working interest, while Lasmo PLC holds the remaining 20-percent working interest.


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