press release

Chevron Press Release - Chevron Announces Positive Results On Moho Field Offshore Congo

SAN FRANCISCO, Aug. 8, 1996 -- Chevron announced today that a second appraisal well, Moho Marine 2, offshore the Republic of the Congo indicates positive results in the Moho field.

The Moho field, located nine miles off the Congolese coast, was discovered last November in the Haute-Mer concession and is the largest discovery in deep water (2,300 feet) offshore West Africa. The concession also includes the N'Kossa field, currently producing over 70,000 barrels of oil per day (BOPD), well above early projections for this period.

"Chevron and its partners in the Haute-Mer concession have made a significant investment in constructing and installing the N'Kossa production facilities. A second discovery in the concession may be economical even at these water depths," said Richard Matzke, president of Chevron Overseas Petroleum Inc.

The Moho Marine 2 well was drilled at a water depth of 2,200 feet, approximately four miles north northwest of the Moho Marine 1 discovery well. Using a 28/64-inch choke, tests showed a flow rate of approximately 4,700 BOPD.

Chevron holds a 30-percent interest in the Elf-operated concession. In addition to Elf with a 51 percent interest, other partners are Hydro-Congo at 15 percent and Engen Exploration (Congo) Limited at four percent.

Updated: August 1996