Texaco and Spirit Energy 76 Announce Deepwater Discovery in Gulf of Mexico

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October 23, 1997

Texaco Inc. and its partner, Spirit Energy 76, recently tested a deepwater oil discovery in the Gulf of Mexico and are presently exploring development alternatives.

Texaco estimates reserve potential of the field to be approximately 15-20 million barrels of oil equivalent. This estimate is based on the results of three wells and a production test on one of the wells that yielded 7,266 barrels of oil and 3.7 MM cubic feet of natural gas per day.

The project, called Ladybug, is located in 1,355 feet of water in Garden Banks 409, approximately 150 miles south of Lake Charles, La. Ladybug is jointly owned 50/50 by Texaco (operator) and Spirit Energy 76, a unit of Unocal Corp.

Because of its close proximity to existing infrastructure in the Gulf of Mexico, Ladybug will be developed as a sub-sea project with its wells tied back to a host facility 18 miles north. In this case, Texaco's Tick project, an oil producing platform located in 730 feet of water in Garden Banks 189, will serve as the host facility. Proceeding with Ladybug as a subsea development eliminates the need for construction of a fixed platform and improves the economics of the project.

The technological aspects of developing Ladybug borrow heavily from existing science promulgated by Deepstar, an industry wide coalition of exploration, producing and petroleum services companies, led by Texaco, which shares expertise and knowledge of deepwater development activities, trends and ideas.

"Ladybug is an ideal candidate for Texaco to apply subsea completion technology related to Deepstar," said John W. McDonald, Vice President of Texaco's Offshore Region in New Orleans. "The experience gained by the development of Ladybug will be useful not only in future Gulf projects, but also will build upon Texaco's worldwide deepwater producing expertise."

Texaco acquired the Ladybug lease Jan. 1, 1996. The #1 rank wildcat discovery well was drilled during April and May, 1997, as a straight hole to a total depth of 8,660 feet subsea using the Transocean-96 semi-submersible rig. Two appraisal wells were subsequently drilled.

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