ExxonMobil Makes 12th Discovery Offshore Angola

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

The discovery well, named Mavacola-1, encountered an oil-bearing reservoir that flowed at a test rate of 3,280 barrels per day. The well was drilled in 3790 feet of water to a total depth of 9060 feet. It is located approximately 191 miles northwest of Luanda.

Esso and Sociedade Nacionale de Combustiveis de Angola (Sonangol), the state oil company of Angola, have previously announced 11 Block 15 discoveries, with the Hungo, Kissanje, Marimba and Dikanza discoveries during 1998, the Chocalho and Xicomba discoveries in 1999, the Mondo, Saxi, and Batuque discoveries in 2000, and the Mblumbumba and Vicango discoveries in 2001.

Block 15 represents a world-class development opportunity with recoverable hydrocarbon potential in excess of 3.5 billion oil equivalent barrels. Planning for multiple developments is underway with the first due to come on stream in 2004.

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 (13.33 percent).

Including Block 15, ExxonMobil subsidiaries have to date participated in 26 key announced deepwater discoveries offshore West Africa.