Major Discovery on Atlantis

BHP Limited announced that the Glomar C.R. LuigsAtlantis 2 appraisal well on Green Canyon Block 743 confirms a major oil field with the potential for hundreds of millions of barrels of oil. Atlantis 2 is located in the Atwater Foldbelt of the deepwater Gulf of Mexico and encountered oil bearing sands with a net pay in excess of 200 feet. This oil zone, together with the oil-bearing sands reported earlier in July make for a total net pay of over 500 feet. Atlantis is the third discovery in the Atwater Foldbelt. Earlier discoveries are Neptune which was discovered in 1995 and Mad Dog which was discovered in 1998. Atlantis 2 was drilled by Global Marine's new-build drillship, C.R. Luigs, to a total depth of 18,600 feet. BHP owns a forty-four percent working interest and BP Amoco is the operator and holds a 56 percent interest.