Chevron Announces Successful Appraisal of Lobito Oil Field in Angola's Deepwater Block 14

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Dec. 20th 2000

Chevron (NYSE: CHV) today announced the successful appraisal of the Lobito Field in deepwater Block 14, offshore Angola.

The appraisal well, Lobito 2, was drilled in 1,650 feet (503 meters) of water approximately four miles (six kilometers) northwest of the Lobito 1 discovery well. The appraisal well identified 200 feet (61 meters) of net oil pay, and encountered an oil column measuring up to 770 feet (235 meters).

"We are extremely pleased with the results at Lobito, and continue to be delighted with our exploration success in Block 14," said Mark Puckett, managing director of Chevron's Southern Africa Strategic Business Unit, which is headquartered in Angola's capital of Luanda. "We credit much of this success to the talent of our exploration team and to the decisiveness of our partners," Puckett added.

The Lobito 1 discovery well was announced Oct. 4. It tested at a rate of 10,200 barrels of oil per day of 35-degree API gravity oil from a single-zone, drill-stem test under constrained flow conditions. The Lobito 2 appraisal well was suspended without testing because it was determined that similar constrained flow rates would be achieved.

Further geological and engineering studies will be required to fully evaluate the field which lies near four previously discovered fields in Block 14: Kuito, Benguela, Belize and Tomboco.

Chevron's Angola-based unit, Cabinda Gulf Oil Co. (CABGOC), is operator of Block 14 and holds a 31-percent interest; Sociedade Nacional de Combustiveis de Angola (SONANGOL), Agip Angola, and TotalFinaElf-Angola each hold a 20-percent interest. The remaining 9-percent interest is held by Petrogal. SOURCE Chevron Corporation

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