|Thursday, November 11, 1999
Kerr-McGee Corp. reports a natural gas discovery in the Gulf of Mexico, on Garden Banks block 184. The 14,625-foot discovery well is located in the flex trend area in 692 feet of water and was drilled by Diamond Offshore's semisubmersible, Ocean Lexington. The reserves are estimated at approximately 40 billion cubic feet. Kerr-McGee operates this block with a 50 percent working interest. AGIP Petroleum Exploration Co., Inc., a wholly owned subsidiary of ENI, the Italian integrated energy company, holds the remaining 50 percent interest. The well will be developed as a subsea tieback to an existing production facility on the shelf. Production is expected to begin in the third quarter of 2000, at a rate of approximately 20 million cubic feet per day.