ChevronTexaco Makes Discovery on its Sturgis Prospect

ChevronTexaco has made a new deepwater oil discovery at the Sturgis Prospect located in Atwater Valley block 183. The block is located approximately 150 miles southeast of New Orleans.

The Sturgis #1 well is located in approximately 3,700 feet of water and was drilled to a depth of 25,005 feet on July 1, 2003, using the Glomar Explorer drillship. The exploratory well encountered more than 100 feet of net pay sands. A subsequent side-track was drilled to a depth of 27,739 feet.

"Successful conclusion of this operation is the latest in a series of successful deepwater drilling results," said Ray Wilcox, vice president of ChevronTexaco and president of ChevronTexaco Exploration and Production Co. "Our Gulf of Mexico deepwater program has contributed significant value to ChevronTexaco and our joint-venture partners," Wilcox added.

"Our success with deepwater projects is facilitated by applying innovative seismic techniques and using the latest technology to safely drill and produce," said Kathleen Arthur, vice president of ChevronTexaco's Gulf of Mexico deepwater business unit. Further appraisal drilling is planned at the Sturgis Prospect to determine the extent of the discovery.

ChevronTexaco is the operator of the Sturgis Prospect with a 50 percent working interest. Sturgis partners are Devon (25 percent working interest) and EnCana Gulf of Mexico (25 percent working interest).