ConocoPhillips Announces Success with Barossa-1 Well.

HOUSTON -- ConocoPhillips (NYSE:COP) has announced the successful testing of the Barossa-1 exploration well in the NT/P69 license located offshore Northern Territory, Australia.

Drilling of the Barossa-1 well commenced in July this year and was drilled to a total depth of 4,310 meters. Logging and two drill stem tests were completed, confirming the presence of gas. One test flowed gas at a rate of approximately 30.1 million cubic feet per day through a 56/64 inch choke. This gas flow rate was constrained by limitations of the surface equipment. The other test, of a lower-quality reservoir interval, flowed gas at a rate of approximately 0.8 million cubic feet per day through a one inch choke. Barossa-1 has been plugged and abandoned as planned.

"The results of the Barossa-1 well further strengthen ConocoPhillips' presence and growth in the Timor Sea," stated Stephen Brand, ConocoPhillips Vice President, Exploration and Business Development. "This is the latest successful wildcat in the area after the Caldita-1 well last year, approximately 30 kilometers southwest of the Barossa well."

Drilling has now commenced on the Caldita-2 well to appraise the Caldita accumulation. A 3D seismic survey over both Barossa and Caldita will commence in early December.

NT/P 69 is located in the Timor Sea approximately 295 kilometers northwest of Darwin. The Barossa-1 well was drilled in 233 meters of water.

The NT/P 69 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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