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Another Oil Discovery in Angola on Malange 1 Block 14

08-10-2007

Chevron's subsidiary Cabinda Gulf Oil Company Limited (CABGOC) and partners made a significant oil discovery in Block 14, offshore Angola.

The discovery well, Malange-1, was drilled in December 2006 in 873 feet (266 meters) of water to a total vertical depth of 15,562 feet (4,743 meters). The well encountered 212 net feet (64.6 net meters) of oil in the Cretaceous-age Pinda reservoir. The well was tested in March 2007 and flowed high-quality crude at a rate of 7,669 barrels of oil per day (BOPD).

The discovery will be followed by further drilling in addition to geologic and engineering studies to appraise the field and assess its potential reserves.

"This discovery is a further demonstration of how we are achieving superior success from a focused and high-impact exploration program," said John Watson, president, Chevron International Exploration and Production.

"Chevron is pleased with the success of this well, which further underscores the continuing success in this prolific block and helps enhance the company's already strong position in Angola and western Africa," said Alan Kleier, managing director of Chevron's Southern Africa Strategic Business Unit.

Malange-1 is the first Pinda discovery in Block 14 and the 11th exploration discovery made in Block 14 since 1997.

Cabinda Gulf Oil Company Limited, with 31 percent, is the operator of the Block 14 contractor group, which also includes Sonangol Pesquisa e Producao, SARL. With 20%; ENI Angola Exploration BV with 20%; Total E&P Angola with 20% and GALP-Exploracao e Producao with 9%.