ChevronTexaco Sees Continued Success in Gulf of Mexico

ChevronTexaco has made a new deepwater oil discovery at the Jack Prospect located in Walker Ridge block 759. The block is approximately 270 miles southwest of New Orleans.

Operated by ChevronTexaco, the Jack #1 discovery well is located in approximately 7,000 feet of water and was drilled to a total depth of 29,000 feet on July 29. The well encountered more than 350 feet of net pay oil sands. Further appraisal drilling is planned to determine the extent of the discovery. The well was drilled by Tranocean's drillship, Discoverer Deep Seas.

"The Jack discovery is our latest success in the deepwater Gulf of Mexico, where we have had a greater than 50 percent success rate in our 16 wildcat wells since late 2001," said Ray Wilcox, vice president of ChevronTexaco and president of ChevronTexaco Exploration and Production Co. "This string of discoveries is the result of properly executing our focused, high-impact exploration program."

"Jack follows our earlier success at the Saint Malo discovery and is confirmation of further potential of our exploration acreage," said Kathleen Arthur, vice president of ChevronTexaco's Gulf of Mexico deepwater business unit.

ChevronTexaco owns a 50 percent working interest in Jack. Partners are Encana (25 percent working interest) and Devon (25 percent working interest).