Texaco and Agip Announce Champlain Discovery Success

Texaco, and its partner Agip, report that the delineation of Champlain located in Atwater Valley Block 63 was a success. The delineation sidetrack well, Champlain No. 1 - sidetrack 2 - bypass 1, was drilled to a total depth of 25,367 feet on June 4. This well was drilled by Global Marine's, semisubmersible, Glomar Celtic Sea. Initial results indicate the presence of high quality reservoir sands with total net pay of over 400 feet, extending the proven oil accumulation both laterally and downdip. The ultimate size and specific development plan will be determined by further delineation drilling planned for later this year.

Texaco and Agip each hold a 50 percent interest in Atwater Valley Block 63 and in the adjacent Block 64. Agip is the operator of the current sidetrack well, while Texaco is the overall prospect operator for Blocks 63 and 64. The two companies also hold an interest in several other high-potential prospects nearby.