P6 - D development offshore The Netherlands by Clyde Petroleum

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Oct. 25, 2001

Clyde Petroleum Exploratie B.V., a wholly owned subsidiary of Conoco (NYSE:COC), has begun production from the P6-D natural gas field offshore the Netherlands. This is Clyde Petroleum's third field to commence production in the last 10 months. New production that has been added during the 10 month period totals 171 million standard cubic feet of gas per day (mmscf/d) gross, 58 mmscf/d net. Production from the P6-D natural gas field began on October 1, 2001, following its discovery by the P6-9 exploratory well in March 2000. The P6-9 well tested at a rate of 45 million standard cubic feet of gas a day (mmscf/d) with wellhead pressure of 2,450 psi from a 50 meter perforated interval in the Triassic, and an additional 9 mmscf/d from the Permian.

Achieving production in just 19 months was made possible by the design and reuse of an existing Multi-Purpose Platform (MPP), which was moved successfully from one of Clyde's depleted fields to its new location. The MPP was specifically designed for reuse and relocation as a satellite facility for offshore production. "Our innovative design and approach has enabled us to successfully bring the P6-D natural gas field into production with minimal time and at lower costs than typical North Sea satellite installations," said Theo Bergers, Clyde Petroleum's operations and project manager.

The expected initial production rate is 21 mmscf/d net (70 mmscf/d gross). Natural gas is transported six miles by a 12-inch pipeline to Clyde's P6 main platform for processing.
In the past 10 months, this is the third development successfully brought into production by Clyde on schedule and under budget. The Castricum-Zee natural gas field was brought onstream in July 2001, and the Q4-9 natural gas discovery was brought into production in December 2000.

Conoco recently acquired Clyde Petroleum as a result of its acquisition of Gulf Canada Resources Limited. Clyde Petroleum, as operator, holds a 29.40 percent interest in partnership with Dyas Nederland B.V. (20.85 percent interest), Energie Beheer Nederland B.V. (40 percent interest), and Holland Sea Search B.V. (9.75 percent interest).

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