ConocoPhillips Announces Discovery Offshore Vietnam.Energy Editors/Business Editors HOUSTON--(BUSINESS WIRE)--Nov. 18, 2003 ConocoPhillips (NYSE NYSE See: New York Stock Exchange :COP) and its partners in the Cuu Long Cửu Long (literally "nine dragons"; Hán Tự: ) was a province on the Mekong Delta in southern Vietnam. It was created in 1976 from the merger of Vinh Long Province and Vinh Binh Province. In 1992 Cuu Long was re-split into Vinh Long and Tra Vinh provinces. Joint Operating Company operating company A business that engages in transactions with outsiders. (CLJOC) today announced the completion of a successful exploratory well, 15-1-ST-1X, in the SuTu Trang (White Lion
The white lion is occasionally found in wildlife reserves in South Africa and is a rare color mutation of the Kruger subspecies of lion (Panthera leo krugeri). ) field in Block 15-1 offshore Vietnam. The ST-1X reached a total depth of 4,428 meters, encountering significant pay in multiple Tertiary zones. Three zones tested at a combined rate of 8,682 barrels of oil per day (BOPD BOPD Barrels of Oil Per Day BOPD Bataan Ocean Petroleum Depot ) and 69.6 million cubic feet of natural gas per day. The crude oil API gravity ranged from 38 to 55 degrees. Located in the Cuu Long Basin, 135 kilometers east of Ho Chi Minh City Ho Chi Minh City, formerly Saigon, city (1997 pop. 5,250,000), on the right bank of the Saigon River, a tributary of the Dong Nai, Vietnam. , SuTu Trang is in the southeast corner of Block 15-1 in 56 meters of water. SuTu Trang is located approximately 26 kilometers south of the SuTu Den (Black Lion) field. Technical evaluation to assess the reservoir potential of SuTu Trang is in progress. On Oct. 29, CLJOC commenced production from the SuTu Den field and is producing approximately 60,000 BOPD from the Basement formation at 36 degrees API gravity. ConocoPhillips owns interests in six blocks offshore Vietnam, with a total acreage position of nearly 6 million gross acres. The company's portfolio includes offshore acreage in Blocks 15-2, 16-2, 5-3, 133 and 134, as well as an interest in the Nam Con Son gas pipeline. Partners in CLJOC are: ConocoPhillips, 23.25 percent; PetroVietnam Exploration and Production (a subsidiary of PetroVietnam), 50 percent; Korean National Oil Corporation, 14.25 percent; SK Corp., 9 percent; and Geopetrol, 3.5 percent. ConocoPhillips is an integrated petroleum company with interests around the world. Headquartered in Houston, the company had approximately 54,800 employees, $82 billion of assets, and $106 billion of annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. revenues as of Sept. 30, 2003. For more information, go to www.conocophillips.com. CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and OF 1995 Certain statements contained in this press release are "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risk and uncertainty. The factors identified in this cautionary statement are important factors (but not necessarily all important factors) that could cause actual results to differ materially from those expressed in any forward-looking statement. In any forward-looking statement in which the company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the statement or expectation or belief will result or be achieved or accomplished. Additional information concerning factors that could cause actual results to differ materially are contained in the company's reports filed with the Securities and Exchange Commission (SEC). Copies of the company's filings with the SEC are available at http://www.conocophillips.com. |
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