Unocal Says Mad Dog Appraisal Well Encounters Significant Oil Pay and Extends Field
23 March 2005 - 1:01AM
PR Newswire (US)
Unocal Says Mad Dog Appraisal Well Encounters Significant Oil Pay
and Extends Field EL SEGUNDO, Calif., March 22
/PRNewswire-FirstCall/ -- Unocal Corporation (NYSE:UCL) today said
that an appraisal well drilled on the deepwater Mad Dog Southwest
Ridge in the Gulf of Mexico encountered significant hydrocarbon
pay. The discovery was further delineated by three sidetracks. The
original hole was drilled to a total measured depth of 22,890 feet
from Green Canyon 826 to downdip targets in the adjacent Green
Canyon 825 block. The blocks are located in approximately 5,000
feet of water. The well and sidetracks were designed to test the
previously undrilled southwest flank of the field. The penetrations
individually encountered up to approximately 300 feet of net oil
pay in the early Miocene section and found hydrocarbons some 700
feet deeper on the west flank of the structure than previously
encountered. The resources associated with these appraisal wells
could either be produced through spar development wells or future
subsea tie-backs. "We are pleased with the results of this
appraisal program which has extended the limits of the Mad Dog
field," said Joseph H. Bryant, Unocal president and chief operating
officer. The Mad Dog field began production in January 2005 from
Green Canyon block 782. Gross field production is currently about
30,000 barrels of oil per day from two wells. Unocal owns a 15.6
percent working interest in the Mad Dog unit, with net interest
after royalty of 13.3 percent. BP is the operator with a 60.5
percent working interest, and BHP Billiton owns a 23.9 percent
working interest. The Mad Dog appraisal was drilled from the
Discoverer Spirit drillship, which is under contract to Unocal. The
ship has moved to drill the Knotty Head prospect on Green Canyon
block 512. The ship is then scheduled to drill the St. Malo #3
appraisal well on Walker Ridge block 677. At the completion of the
St. Malo well, the ship will be subleased to another company for
the remainder of its lease term. Unocal's commitment to the
Discoverer Spirit terminates in September 2005. About Unocal
Corporation Unocal is one of the world's leading independent
natural gas and crude oil exploration and production companies. The
company's principal oil and gas activities are in Asia and North
America. This news release contains forward-looking statements
about matters such as drilling, development and other plans for
future operations. Although these statements are based upon
Unocal's current expectations and beliefs, they are subject to
known and unknown risks and uncertainties that could cause actual
results and outcomes to differ materially from those described in,
or implied by, the forward-looking statements, including volatility
in commodity prices; the accuracy of Unocal's estimates and
judgments regarding hydrocarbon resources and formations and
reservoir performance; and other factors discussed in Unocal's 2004
Annual Report on Form 10-K and subsequent reports filed by Unocal
with the U.S. Securities and Exchange Commission (SEC). Copies of
Unocal's SEC filings are available from Unocal by calling
800-252-2233 or from the SEC by calling 800-SEC-0330. The reports
are also available on the Unocal web site, http://www.unocal.com/.
Unocal undertakes no obligation to update the forward-looking
statements in this news release to reflect future events or
circumstances. All such statements are expressly qualified by this
cautionary statement, which is provided pursuant to the safe harbor
provisions of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. DATASOURCE: Unocal
Corporation CONTACT: News Media, Christine LeLaurin,
+1-281-287-5793, or investors, Robert Wright, +1-310-726-7665, both
of Unocal Corporation Web site: http://www.unocal.com/
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