ExxonMobil Makes 14th Deepwater Discovery Offshore Angola

ExxonMobil's subsidiary, Esso Exploration Angola (Block 15) Limited (Esso), and Sociedade Nacionale de Combustiveis de Angola (Sonangol) have made another deepwater oil discovery, the fourteenth oil find on Angola Block 15.

The discovery well, named Clochas-1, encountered an oil-bearing reservoir that flowed at a test rate of 1,764 barrels per day. It was drilled in 4,250 feet (1,295 meters) of water to a total depth of 10,300 feet (3,140 meters). It is located 240 miles (385 km) northwest of Luanda.

This, and other discoveries previously announced on Angola Blocks 15, 17, 31 and 32, represent significant additions to the Company's resource base in Angola, which is now estimated at more than 10.5 billion oil-equivalent barrels (gross).

Esso and Sonangol have previously announced thirteen Block 15 discoveries with Hungo, Kissanje, Marimba and Dikanza in 1998; Chocalho and Xikomba in 1999; Mondo, Saxi and Batuque in 2000; Mbulumbumba, Vicango and Mavacola in 2001; and Reco Reco in 2002.

Block 15 represents a world-class development opportunity with the potential to recover more than 4 billion oil-equivalent barrels (gross). Four major development projects are being progressed on the Esso-operated block.

The Xikomba project will use an Early Production System to recover approximately 100 million barrels of oil. First oil from Xikomba is expected in late 2003. The Kizomba A and B developments are each designed to recover approximately 1 billion barrels of oil. First production is anticipated from Kizomba A in 2004 and Kizomba B in early 2006. Development planning for Kizomba C is under way.

In addition to Esso (operator, 40 percent), other participants in Block 15 are BP Exploration (Angola) Limited (26.67 percent), Agip Angola Exploration B.V. (20 percent) and Statoil Angola (13.33 percent). Sonangol is the concessionaire.