ExxonMobil Successful Again Offshore Angola

Exxon Mobil Corporation announced that its affiliate, Esso Exploration Angola (Block 15) Limited (Esso), has made a deepwater oil discovery, its ninth oil find on Angola Block 15.

The discovery, named Batuque-1, encountered an oil-bearing reservoir that flowed at a test rate of 5,200 barrels per day. The well was drilled in 2,400 feet of water to a total depth of 12,400 feet. It is located 220 miles northwest of Luanda.

Esso and Sonangol have previously announced eight Block 15 discoveries, with the Saxi and Mondo discoveries in 2000, the Chocalho and Xikomba discoveries in 1999, and the Hungo, Kissanje, Marimba and Dikanza discoveries during 1998.

Block 15 represents a world-class development opportunity with recoverable hydrocarbon potential in excess of 3 billion oil-equivalent barrels. Planning for multiple developments is underway with the first due to come on stream in 2004.

An ExxonMobil subsidiary, Esso Exploration Angola (Block 15) Limited (Esso), is operator for Block 15 with a 40 percent working interest. Other co-venturers include BP Exploration (Angola) Limited (26.67 percent), Agip Exploration B.V. (20 percent) and Statoil (13.33 percent).

ExxonMobil is the largest multi-national deepwater acreage holder in West Africa with interests in 23 deepwater discoveries that represent world-class development opportunities and potential recoverable hydrocarbons of more than 6 billion oil-equivalent barrels.