CNR to Abandon Zenza-1 Well Offshore Angola

On behalf of the Block 16 Contractor Group (consisting of CNR Ranger (Angola) Limited - 50% working interest, Sociedade Nacional de Combustiveis de Angola - Empresa Publica (Sonangol E.P.) - 20% working interest and Odebrecht Oil and Gas Angola Limited - 30% working interest), Canadian Natural Resources has completed the drilling of the first of several potential exploration targets located on Block 16, offshore Angola. The well, Zenza-1, drilled in 1,300 meters of water, reached a total depth of 3,998 meters and was drilled for a total cost of US $17 million, below budgeted levels of US $43 million.

The well encountered reservoir quality sands in four zones and shows of hydrocarbons were encountered but were not of sufficient amounts to be commercial. Accordingly, the well has been plugged and abandoned. The Contractor Group will now integrate the results of the well into the geological model for the Block and plan to drill a second exploratory location in late 2004 or early 2005. The Contractor Group has identified a number of prospective opportunities and remains excited about the exploration upside of the Block.
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