ChevronTexaco To Drill Eastern Canada

ChevronTexaco has abandoned the Newburn H-23 exploratory well off the coast of Nova Scotia. The Transocean Sedco Forex Inc. drill ship, Deepwater Millennium, spudded the well May 22, 2002 on Exploration License 2359, approximately 170 miles southeast of Halifax. The rig was released August 20, 2002.

Newburn H-23 was drilled in water depth of 3,205 feet to a final total depth of 19,914 feet. Future drilling activity in the area will depend upon further assessment of the results. The well was drilled to the objective section on time and within its CDN $79.5 million budget.

As operator, Chevron Canada Resources' interest in the well is 37 percent. Petro-Canada holds a 43 percent interest and Conoco Canada owns 20 percent.

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