|
Trinidad
BHP BILLITON PLC
NEWS RELEASE
7 March 2002
BHP BILLITON ANNOUNCES SUCCESSFUL RESULTS OF KAIRI-2
APPRAISAL WELL OFFSHORE TRINIDAD
BHP Billiton today announced the results of the Kairi-2 appraisal well
offshore Trinidad. Kairi-2 is the Group's first appraisal well on the oil
and gas discovery made last year in Block 2(c) and confirms a significant
hydrocarbon resource.
Kairi-2 is located in waters approximately 35 meters deep and is 1 mile (1.6
kilometres) south of the Kairi-1 discovery, and 2 miles (3.2 kilometres)
south of the Canteen-1 discovery, both also located in Block 2(c).
Drilled to a total depth of 6,800 feet, Kairi-2 encountered approximately
1089 feet (gross) of hydrocarbon-bearing sands that included 167 feet of net
oil pay and 435 feet of net gas pay. The well tested at a rate of 4,360
barrels of oil per day on a 44/64-inch choke.
This appraisal well follows Kairi-1, drilled during July and August 2001. It
encountered both oil and gas in a hydrocarbon column that included 235 feet
of net oil pay and 322 feet of net gas pay, and tested 3,000 barrels of oil
per day through a 38/64-inch choke.
President and CEO BHP Billiton Petroleum Philip Aiken said the results from
Kairi-2 provided further evidence of offshore Trinidad's major hydrocarbon
development potential.
"BHP Billiton's exploration success in the region has been outstanding. We
have made four commercial hydrocarbon discoveries in the greater Angostura
area (Kairi, Angostura, Canteen and Aripo) in the past three years and
expect to sanction a project for development of the Block 2(c) resources
later this calendar year," Mr Aiken said.
"Block 2(c)'s attractive petroleum geology, shallow waters and proximity to
the coast offer the potential for a development that creates significant
value for all stakeholders."
Appraisal drilling on Block 2(c) will continue for the next few months and
will encompass two new wells. The drilling program will provide further data
on the Angostura-1 gas discovery (made in 1999) and last year's oil and gas
find from the Canteen-1 discovery well.
Angostura-1 is located approximately 4.2 miles (7 kilometres) west-southwest
of Kairi-2 and tested natural gas at a stabilised flowrate of 30 million
standard cubic feet per day (mmscfd) through a 56/64-inch choke.
Canteen-1 is located 2 miles (3 kilometres) north of Kairi-2. It
encountered approximately 700 feet (gross) of hydrocarbon-bearing sands that
included 200 feet of net oil pay and 179 feet of net gas pay. The well was
tested at a rate of 3,700 barrels of oil per day through a 72/64-inch choke.
"Final results of the drilling in Block 2(c) will be used to more accurately
assess the size of the resource and to determine development options," Mr
Aiken said.
BHP Billiton holds a 45 per cent interest in Block 2(c) and is the
designated operator. Other partners include TotalFinaElf with a 30 per cent
interest, and Talisman Energy with a 25 per cent interest.
BHP Billiton has had a presence in Trinidad since 1996, and has built a
solid foundation for growth. The Group has a strong acreage position in the
region and was awarded exploration Block 3(a) in October 2001, subject to
negotiation and execution of a Production Sharing Contract.
Block 3(a) is located adjacent to blocks 2(ab) and 2(c) and provides BHP
Billiton with further highly prospective acreage. It is situated only 25
miles (40 kilometres) off the northeastern coast of Trinidad in 100 to 300
feet of water.
BHP Billiton is the designated operator and holds a 30 per cent working
interest in Block 3(a). Talisman Energy and BG International each
hold a 30 per cent interest and TotalFinaElf S.A. holds the remaining 10 per
cent equity.
****
Further information can be found on our Internet site:
http://www.bhpbilliton.com
Australia
Dr Robert Porter, Investor Relations United Kingdom/South Africa
Tel: +61 3 9609 3540 Michael Campbell, Investor & Media
Mobile: +61 419 587 456 Relations
email: Robert.Porter@bhpbilliton.com Tel: +27 11 376 3360
Mobile: +27 82 458 2587
Mandy Frostick, Media Relations email:
Tel: +61 3 9609 4157 Michael.J.Campbell@bhpbilliton.com
Mobile: +61 419 546 245
email: Ariane Gentil, Manager Communications
Mandy.J.Frostick@bhpbilliton.com Tel: +44 20 7747 3977
Mobile: + 44 7881 518 715
United States email: Ariane.Gentil@bhpbilliton.com
Francis McAllister, Investor
Relations
Tel: +1 713 961 8625
Mobile: +1 713 480 3699
email:
Francis.R.McAllister@bhpbilliton.com
|
|
