press release

Texaco Press Release - Texaco Announces Australian Gas Discovery

FOR RELEASE: TUESDAY, FEBRUARY 25, 1997

WHITE PLAINS, N.Y., Feb. 25 - Texaco announced today that it and Chevron have discovered an additional natural gas field on the Gorgon/Chrysaor trend in the Carnarvon Basin offshore Western Australia.

The new discovery well, Dionysus-1, was drilled in 3,583 feet (1,092 meters) of water at a total depth of 14,492 feet (4,417 meters), and tested two zones at a combined rate of 127 million cubic feet of gas per day.

Texaco Inc. Vice President and President of Texaco International Production Robert A. Solberg said, "The positive results from Dionysus add significantly to Texaco's potential gas recovery offshore northwest Australia, and offer further incentive for bringing the large Gorgon/Chrysaor assets to production as soon as possible."

Both the Dionysus field and a major portion of the Chrysaor gas field are located in block WA-253-P in which Texaco and Chevron hold a 50-percent interest each. The remainder of Chrysaor and the highly prospective Gorgon gas field are owned by a consortium comprising Chevron, Texaco, Mobil and Shell (CTMS).

Solberg said plans for the area include the acquisition of additional seismic data in 1997, and that further exploratory drilling is expected to follow.

Updated: February 1997