ChevronTexaco announced today that its affiliate has discovered oil in four exploration wells in offshore Cambodia Block A. The 6,278 square kilometer block, encompassing the Khmer Basin with water depths averaging 240 feet, was awarded to Chevron Overseas Petroleum (Cambodia) Ltd. (COPCL), and its partners in March, 2002. COPCL has a 55 percent interest in the block and is the operator.
Oil pay logged in the wells ranges from 41 feet to 139 feet.
Analysis of samples indicates the oil is 44 degree API crude.
John Watson, president of ChevronTexaco Overseas Petroleum, said "The
preliminary results of these exploration wells are promising, and they underscore the further success of our focused global exploration program.
As a new exploration area for ChevronTexaco, Cambodia could offer the
potential to build upon our already strong position in the Gulf of Thailand."
Keli Taureka, Managing Director of ChevronTexaco's Asia South Business Unit, added "We are very encouraged to find oil in each of the first four wells of this drilling program, especially given that prior to us acquiring this block it had been explored through nine previous wells.
However, it is important to complete the drilling program and fully assess the well results to determine the potential commerciality of the finds."
The five-well campaign began on 13 October, 2004, with the drilling of the Pisnuka #1 which reached a total depth (TD) of 11,874 feet. The second well, Sovann Phum #1 spudded on 4 November, 2004 (TD 12,232 feet), the third well, Sirey Sambat #1 on 8 December, 2004 (TD 11,712 feet), and the fourth well, Pimean Akas #1 on 27 December, 2004 (TD 11,660 feet). The drilling program will conclude with one more exploration well that is expected to be completed in February, 2005.
The other partners in Block A are Moeco Cambodia Ltd. (30% interest) and LG Caltex Oil Co. (15% interest).
ChevronTexaco Corp. is one of the world's leading energy companies.
With more than 47,000 employees, ChevronTexaco conducts business in
approximately 180 countries around the world, producing and transporting crude oil and natural gas, and marketing and distributing fuels and other energy products. ChevronTexaco is based in San Ramon, Calif. More information on ChevronTexaco is available at www.chevrontexaco.com
In Asia Pacific, ChevronTexaco has upstream activities in China, Thailand, Cambodia, Indonesia and the Philippines. In Cambodia, in addition to the upstream business, ChevronTexaco has a significant and long term investment in Cambodia in downstream marketing through its Caltex brand. Established in 1995, Caltex Cambodia Ltd., a ChevronTexaco company, currently has 1 terminal, 3 depots, 27 service stations and more than 500 personnel.
Contacts:
Rattikan Chaiwanit
tel. 662 618-1103
[email protected]
Stan Luckoski
tel. 925 842-2589 End.