press release

Texaco Press Release - Texaco Acquires Interest and Operatorship of Angola's Offshore Block 1


HOUSTON, Nov. 18 -- Texaco announced today that it has acquired a 50 percent working interest and the operatorship of offshore Block 1 in Angola from Shell. Block 1 is the third Texaco operated exploration block acquired in Angola in the past two years. The block covers 986,621 acres, and is located in the Congo Basin, 180 miles northwest of Luanda and west of Texaco's producing block 2/85. Water depth in Block 1 ranges from 50 to 600 meters.

Commenting on the announcement Dr. Bruce Appelbaum, Vice President of Texaco Worldwide Exploration said, "This acquisition is another example of Texaco's commitment to unlocking the significant offshore oil and gas resources in Angola. We believe that Texaco's expertise in the unique characteristics of this offshore area will be a benefit as we move forward with exploration activities on Block 1."

Other equity holders in Block 1 are Mobil (21 percent), Energy Africa (15 percent) and Saga Petroleum (14 percent).

In addition to this acquisition, Texaco operates exploration Blocks 9 and 22 in the offshore Kwanza Basin. Texaco also has interests in the onshore FST Block, Block 16 (Congo Basin) and Block 20 (Kwanza Basin).

Updated: November 1998