ConocoPhillips Announces Discovery Offshore Australia's Northern Territory.

HOUSTON -- ConocoPhillips (NYSE:COP) today announced a discovery in the Caldita No. 1 exploration well in the NT/P 61 license located offshore Northern Territory Australia.

The well spudded on July 7, 2005, and encountered a significant hydrocarbon column in a high-quality reservoir interval. A drill stem test was conducted that flowed gas at a rate of approximately 33 million standard cubic feet per day on a one-inch choke. The well reached a total depth of 4,037 meters and will be plugged and abandoned as programmed. Technical evaluation to assess the further appraisal and development of the Caldita discovery is in progress.

NT/P 61 is located in the Timor Sea approximately 265 kilometers north northwest of Darwin. The Caldita No. 1 well was drilled in 137 meters of water.

The NT/P 61 license is jointly held by an affiliate of ConocoPhillips (operator, 60 percent) and Santos Offshore Pty. Ltd. (40 percent).

ConocoPhillips is an integrated petroleum company with interests around the world. For more information, go to www.conocophillips.com.

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