Exxon Mobil Corporation (ticker: XOM, exchange: New York Stock Exchange (.N))
News Release -
ExxonMobil Angola Subsidiary Makes Fourteenth Deepwater Discovery on Block 15
IRVING, Texas--(BUSINESS WIRE)--July 31, 2003--Exxon Mobil
Corporation (NYSE:XOM) today announced that its subsidiary, Esso
Exploration Angola (Block 15) Limited (Esso), and Sociedade Nacionale
de Combustiveis de Angola (Sonangol) have made another deepwater oil
discovery, the fourteenth oil find on Angola Block 15.
The discovery well, named Clochas-1, encountered an oil-bearing
reservoir that flowed at a test rate of 1,764 barrels per day. It was
drilled in 4,250 feet (1,295 meters) of water to a total depth of
10,300 feet (3,140 meters). It is located 240 miles (385 km) northwest
This, and other discoveries previously announced on Angola Blocks
15, 17, 31 and 32, represent significant additions to the Company's
resource base in Angola, which is now estimated at more than 10.5
billion oil-equivalent barrels (gross).
Esso and Sonangol have previously announced thirteen Block 15
discoveries with Hungo, Kissanje, Marimba and Dikanza in 1998;
Chocalho and Xikomba in 1999; Mondo, Saxi and Batuque in 2000;
Mbulumbumba, Vicango and Mavacola in 2001; and Reco Reco in 2002.
Block 15 represents a world-class development opportunity with the
potential to recover more than 4 billion oil-equivalent barrels
(gross). Four major development projects are being progressed on the
The Xikomba project will use an Early Production System to recover
approximately 100 million barrels of oil. First oil from Xikomba is
expected in late 2003. The Kizomba A and B developments are each
designed to recover approximately 1 billion barrels of oil. First
production is anticipated from Kizomba A in 2004 and Kizomba B in
early 2006. Development planning for Kizomba C is under way.
In addition to Esso (operator, 40 percent), other participants in
Block 15 are BP Exploration (Angola) Limited (26.67 percent), Agip
Angola Exploration B.V. (20 percent) and Statoil Angola (13.33
percent). Sonangol is the concessionaire.
CAUTIONARY STATEMENT: Estimates, expectations, and business plans
in this release are forward-looking statements. Actual future results,
including resource recoveries, production rates, and project plans and
schedules, could differ materially due to changes in market conditions
affecting the oil and gas industry, political developments, technical
or operating factors, and other factors discussed under the heading
"Factors Affecting Future Results" included in Item 1 of ExxonMobil's
most recent Form 10-K and posted on our Web site (www.exxonmobil.com).
References to quantities of oil and gas include amounts that are not
yet classified as proved reserves but that we believe will be produced
in the future.
Marcia Zelinsky, 713-656-4373
SOURCE: Exxon Mobil Corporation