Kerr-McGee Awarded Block Offshore Trinidad and Tobago

Kerr-McGee Oil & Gas Corp., through its Trinidad and Tobago affiliate, has completed contract negotiations and has been awarded block 3(b) in a proven geologic trend offshore Trinidad and Tobago.

"This area offers high-impact exploration opportunities in a world-class petroleum system," said Dave Hager, Kerr-McGee senior vice president responsible for oil and gas exploration and production. "Consistent with our strategy, we continue to enhance our prospect inventory in these high- potential basins around the world. Planning is under way for acquisition and evaluation of 3-D seismic of this area."

Kerr-McGee acquires a 75% interest and is the operator of the block, which encompasses nearly 160,000 acres in water depths ranging from 130 to 3,000 feet. Primera Block 3(b) Limited, a local, wholly owned subsidiary of CL Financial Limited, holds the remaining 25% interest.

"The six-year contract with the government of Trinidad and Tobago allows Kerr-McGee to conduct research and exploration," said Hager. "Following evaluation of the seismic, we expect to drill at least two exploratory wells during the next four years."

With the addition of the block, Kerr-McGee holds interests in more than 56 million undeveloped acres worldwide. The company's four core areas of operation include the United States onshore, Gulf of Mexico, the U.K. sector of the North Sea and the Bohai Bay area of China. Kerr-McGee also holds interests in acreage in Alaska, Angola, Bahamas, Benin, Brazil, Morocco and the South China Sea.

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