|Tuesday, June 13, 2000
Kerr-McGee has completed drilling on its first well in the Timor Sea off the Northwest coast of Australia. The well was drilled by Diamond Offshore's semisubmersible, Ocean Bounty to a depth of 7,740 feet in about 300 feet of water. Kerr-McGee is expected to drill three more well in this area to test the hydrocarbon potential. Logging results indicate the presence of approximately 180 net feet of gas bearing reservoir. Kerr-McGee is operator of the block with a 39 percent interest, PanCanadian Petroleum holds a 39 percent interest and TAP Oil NL holds a 12 percent interest and SK Corporation has the remaining 10 percent.