Occidental Makes Two Discoveries in Ecuador

Occidental Petroleum has discovered two new fields in Block 15, Ecuador. Two exploratory wells Yanaquincha Este-1 and Yanaquincha Oeste-1, 12 & 16 Km from the existing Central Processing Facilities encountered oil between 21 and 27.2 API in three zones: Hollin, Napo U and T Sandstones, between 9,758 feet and 10,200 feet. Each of the test wells encountered more than 90 feet of net pay. The Hollin formation tested at a rate of 590 barrels of oil per day (B/D) natural flow on a one-half inch choke. The U formation flowed up to 2,300 barrels per day on pump and the T formation flowed at rates up to 3,320 barrels per day on pump. The two back-to-back adjacent discoveries follow the successful completion of an extensive 3D seismic survey over Block 15. The two exploration wells were followed by two delineation wells and drilling continues with two more delineation wells planned.

Current plans for 2003 include completing the interpretation of the 3D seismic data and drilling from four to seven new exploration wells in Block 15.