Ocean Energy Makes Discovery Offshore Egypt

Ocean Energy announced the successful drilling of an exploratory well on its East Zeit concession located offshore Egypt in the Gulf of Suez.

The East Zeit A-21 wildcat well was drilled to a total depth of 16,300 feet and encountered approximately 745 feet of oil pay. Initial production from the well should begin before the end of the month. Delineation and further development of the field is planned for 2002. Ocean holds a 100 percent working interest in the East Zeit field. "This discovery could yield another 40 to 80 million gross barrels, a significant addition to the approximately 87 million barrels of oil produced to date from the East Zeit field," said John Schiller, executive vice president of operations. "This discovery exemplifies the appreciable exploration upside that remains in what is considered a mature province."