press release

Texaco Press Release - Texaco Announces Wildcat Oil Discovery in Gulf of Mexico


HOUSTON, May 22 -- Texaco, and its partner Agip Petroleum Exploration Inc., an affiliate of Eni SpA, have announced a deepwater Gulf of Mexico wildcat oil discovery in the Atwater Valley Block 63 located approximately 160 miles south of New Orleans in 4,385 feet of water.

The discovery well, Champlain No. 1, was drilled to a total depth of 23,540 feet on March 21. A sidetrack of the original well was drilled to a depth of 24,989 feet on May 4, and confirmed the lateral extent of the pay sands. Initial results indicate the presence of high quality reservoir sands with a total net pay of 140 feet. The ultimate size of the discovery will be determined by further appraisal drilling.

In making the announcement, Dr. Bruce S. Appelbaum, Vice President of Texaco Inc. and President of Texaco Exploration and New Ventures said, "The Gulf of Mexico is one of Texaco's exploration focus areas, and we have a strong inventory in this prospective region. The Champlain discovery is the result of the first well drilled in our year 2000 Gulf of Mexico exploration program. We plan to drill five more deepwater wildcats this year."

Texaco holds a 75-percent interest in Atwater Valley Block 63 and in the adjacent Block 64. Agip Petroleum Exploration Inc. holds the remaining 25-percent working interest in both blocks. Texaco is the operator.

Updated: May 2000