MOBIL, UNITED MERIDIAN EXTEND ZAFIRO DISCOVERY OFFSHORE EQUATORIAL GUINEA.

FAIRFAX, Va.--(BUSINESS WIRE)--July 28, 1995--Mobil Corporation and United Meridian Corporation (UMC) of Houston announced today that subsidiaries tested a combined 18,055 barrels of oil per day from their two wells most recently drilled in the Zafiro area on Block B offshore the Republic of Equatorial Guinea in West Africa.

The original Zafiro oil accumulation was discovered in March 1995.

The new Zafiro No. 3 tested 10,237 barrels of oil from the Qua Iboe formation and extended the Zafiro accumulation approximately one half mile southwest of the discovery well. The new Opalo No.1, drilled two miles northeast of the discovery well, tested a combined 7,818 barrels of oil per day from two separate intervals, both new pay zones, in the deep Qua Iboe formation.

For the balance of the year, engineering, geological and 3-D geophysical data will be integrated to formulate the best potential development plan, as well as future exploration plans for other areas of Block B. An extensive, 1,100-square-kilometer 3-D seismic program commenced in June over a large portion of Block B to aid further Zafiro development and to delineate exploration prospects on trend.

Also drilled recently, the Zafiro No.2 was cased for future production but was not tested. Located one half mile southeast of the Zafiro No.1, the well found the Zafiro sand oil-bearing, although thinner, and encountered a new, deeper oil reservoir.

Mobil Equatorial Guinea Inc., the operator, holds a 65% interest in Block B; UMC Equatorial Guinea holds the remaining 35% interest.

CONTACT: Mobil Corporation, Fairfax

John Lord or Gail Campbell Woolley, 703/846-2500