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BIBLT
BHP Billiton Announces Discovery at Neptune-5 Appraisal Well in Gulf of Mexico
BHP Billiton Plc
Share code: BIL
ISIN: GB000056650
NEWS RELEASE
8 August 2003
BHP BILLITON ANNOUNCES DISCOVERY
AT NEPTUNE-5 APPRAISAL WELL IN GULF OF MEXICO
BHP Billiton announced today results from its Neptune-5 appraisal well in the
Gulf of Mexico, drilled in Atwater Valley Block 574, approximately 135 miles
(215 kilometers) from the Louisiana coast. The well encountered a gross
hydrocarbon column of nearly 1,200 feet, with more than 500 feet (total vertical
thickness) of net oil pay. The net column is significantly larger than those
recorded in the similar Miocene reservoir sandstone intervals of previous
Neptune wells, and the preliminary evaluation of the fluids indicates the
presence of oil similar in quality to the medium sour crude found at the
Atlantis and Mad Dog fields. The well was drilled to a total depth of 19,142
feet in water depths of 6,215 feet.
"The well logs at Neptune-5 indicate thick sands and are amongst the most
impressive we"ve seen in the Gulf of Mexico," said Philip Aiken, President and
Chief Executive Officer for BHP Billiton Petroleum. "This is a positive result,
and the data will significantly enhance our ability to evaluate the commercial
viability and development options for the field."
Aiken explained that following the positive result from Neptune-3 (July 2002),
the joint venture partners have accelerated the appraisal program at the field
over the last year, drilling three wells since mid 2002.
Core and fluid samples have been taken and the partnership is sidetracking
Neptune-5 while assessing options for other associated operations at the well.
Neptune-5 was spud on July 2, 2003, using the BHP Billiton-operated drillship CR
Luigs. BHP Billiton is the designated operator on the block with a 35-percent
working interest. Partners are Marathon Oil Company, which holds a 30 percent
working interest; Woodside Petroleum Ltd, a 20 percent working interest holder;
and Maxus (US) Exploration Company, a subsidiary of Repsol YPF, with a 15
percent interest.
The Neptune prospect is located in the Atwater Foldbelt region of the Central
Gulf of Mexico. This area includes the Mad Dog and Atlantis fields, which are
currently in development, and the BHP Billiton-operated Shenzi discovery, where
an appraisal well will be drilled later this year.
Further information on BHP Billiton can be found on our Internet site:
http://www.bhpbilliton.com
Australia United Kingdom
Andrew Nairn, Investor Mark Lidiard, Investor &
Relations Media Relations
Tel: +61 3 9609 3952 Mobile: Tel: +44 20 7802 4156
+61 408 313 259 email:
email: Mark.Lidiard@bhpbilliton.com
Andrew.W.Nairn@bhpbilliton.co
m
Tania Price, Media Relations Ariane Gentil, Media
Tel: +61 3 9609 3815 Mobile: Relations
+61 419 152 780 Tel: +44 20 7802 4177
email: email:
Tania.Price@bhpbilliton.com Ariane.Gentil@bhpbilliton.co
m
United States
Francis McAllister, Investor South Africa
Relations Michael Campbell, Investor &
Tel: +1 713 961 8625 Mobile: Media Relations
+1 713 480 3699 Tel: +27 11 376 3360
email: Mobile: +27 82 458 2587
Francis.R.McAllister@bhpbilli email:
ton.com Michael.J.Campbell@bhpbillit
on.com
Date: 08/08/2003 08:47:06 AM Produced by the JSE SENS Department
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