ARCO Alaska, Exxon Announce Successful Extension at West Niakuk

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11 September 1996

ARCO Alaska, Inc and Exxon Company, USA, today announced the successful completion of an exploratory extension well in West Niakuk on Alaska's North Slope near Prudhoe Bay.

ARCO has received approval from the State to begin production from the well through the Lisburne Processing Center. Initial production rates are as high as 4,500 barrels of oil per day.

ARCO Alaska, Inc is a wholly-owned subsidiary of Los Angeles-based ARCO (NYSE: ARC).

ARCO Alaska, as operator, and co-owner Exxon Company, USA have now drilled two successful delineation wells west of the existing Niakuk field. The West Niakuk #1 well has averaged production of 4,000 barrels of oil per day since its completion in May 1995.

Evaluation of pressure data from both West Niakuk wells indicate the Niakuk formation extends beneath lease holdings owned, on a 50/50 basis, by ARCO Alaska and Exxon. The existing Niakuk participating area is owned by BP Exploration. Efforts are underway between the three companies to integrate their interests in the area.

"The results of the West Niakuk #2 well are very encouraging because they show that the western portion of the Niakuk formation is larger than we thought," said Kevin Meyers, senior vice president, Prudhoe Bay Unit, for ARCO Alaska. "Additional drilling will be necessary to fully delineate the reserves on the ARCO/ Exxon leases."

The well was drilled over a period of 57 days to a total measured depth of 21,405, feet with a bottom hole location 18,098 feet from the surface location. The well set a new North American record for departure (18,098 feet) and a new Alaska record for measured depth.

"The Prudhoe Bay Unit Shared Services Drilling organization did an outstanding job of designing and executing this difficult well. Several innovative techniques were employed. Their efforts are critical to further delineation of this complex field," said Joe Leone, manager, Greater Point McIntyre Area for ARCO.

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