BHP To Begin Drilling In Archer Field 1Q 2002

BHP is scheduled to commence drilling operations during the first quarter of 2002 in the Archer Field, offshore Victoria, in the Bass Straits. Archer Field is estimated to have four prospective oil pays and seven prospective gas pays down to a depth of 12,500 feet with an estimated gross pay section of about 1,000 feet. BHP has just completed a 3-D seismic survey of the Archer Structure in preparation for drilling.

The Archer Field is located within the 214,896 acre Permit 45, which starts 1-1/2 miles east of the nearest production in the Kingfish Oil Field. The average well in the Kingfish Field has produced 26,000,000 barrels of oil and the field has produced 1.1 billion barrels. BHP and Exxon Mobil, which own the Kingfish Field, would provide pipeline and market access for hydrocarbons produced from Permit 45.