Conoco Makes Oil Discovery Near Norway's Heidrun Field.Business/Energy Editors STAVANGER, Norway--(BUSINESS WIRE)--Feb. 14, 2001 Norske Conoco AS, Norwegian subsidiary of Conoco Inc. (NYSE NYSE See: New York Stock Exchange :COCA coca (kō`kə), common name for shrubs of the genus Erythroxylum, particularly E. coca, of the family Erythroxylaceae, and found abundantly in upland regions and on mountain slopes of South America, as well as in Australia, India, )(NYSE:COCB), has made an oil discovery near the giant Heidrun field in the Norwegian sector of the North Sea. Exploration well 6507/7-13 proved the presence of oil in the Jurassic formation. An extended evaluation program was carried out to collect reservoir and geological data which included drilling a sidetrack hole, 6507/7-13A, to obtain core samples. The well was not drillstem tested but holds future interest due to its proximity to the Heidrun platform -- some five miles (eight kilometers) to the south. The well was drilled vertically to 8,530 feet (2,600 meters), using the semi-submersible drilling rig "Maersk Jutlander." Drilling of 6507/7-13 began on Dec. 11, 2000, and was permanently abandoned on Jan. 21, 2001. Exploration license 095 was awarded to Norske Conoco in the Norwegian 8th round of offshore licensing in 1984. Partners in the license are Norske Conoco, 20 percent (operator); Statoil, 75 percent (SDFI SDFI Secure Digital Forensic Imaging , 65 percent); and Fortum Petroleum AS, 5 percent. Conoco is a major, integrated energy company active in more than 40 countries. http://www.conoco.com This release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. about Conoco's future capital expenditures, capital projects and production volumes. These statements are not guarantees of future performance, involve certain risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. Actual outcomes and results may differ materially from what is expressed herein. Among the factors that could cause such differences are crude oil and natural gas prices; refining refining, any of various processes for separating impurities from crude or semifinished materials. It includes the finer processes of metallurgy, the fractional distillation of petroleum into its commercial products, and the purifying of cane, beet, and maple sugar and marketing margins; potential failure to achieve, and potential delays in achieving, expected improvements from investments in facilities; failure of future exploratory or development operations to discover economical petroleum reserves; changes in governmental regulations; general domestic and international economic and political conditions; and potential disruption disruption /dis·rup·tion/ (dis-rup´shun) a morphologic defect resulting from the extrinsic breakdown of, or interference with, a developmental process. or interruption INTERRUPTION. The effect of some act or circumstance which stops the course of a prescription or act of limitation's. 2. Interruption of the use of a thing is natural or civil. of the company's production facilities due to accidents or political events. Such matters are detailed in Conoco's publicly available filings with the Securities and Exchange Commission. |
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