BP and Shell Announce Two Discoveries Offshore Angola

BP and Shell announced today two further oil discoveries in deepwater Block 18 offshore Angola. Drilled in the vicinity of four existing discoveries, these wells significantly enhance confidence in the reserves discovered to date.

The recent wells, Cromio completed in October 2000, and Cobalto completed in December 2000, were drilled by the deepwater drillship Pride Angola. Water depths in the area are between 3940 feet and 4600 feet and the wells lie about 109 miles off the coast.

With these two latest wells, BP and Shell have now found oil in all six wells drilled to date in Block 18. Platina and Plutonio, drilled in 1999, Galio, Paladio and the two new wells, drilled in 2000, all lie within a 12 mile radius, collectively forming the Greater Plutonio Prospect.

Block 18 was awarded in 1996 by Sonangol (Angola's State Oil Company) to Amoco Angola B.V. (a wholly-owned subsidiary of BP) with 50 percent equity, and to Shell Development Angola B.V. with 50 percent equity.