NEWS BULLETIN

May 18, 2001 --- Vol. 7, No. 59May 2001

Phillips, BP announce new Kuparuk satellite

Phillips Alaska Inc. and BP Exploration (Alaska) Inc. announced a discovery today at their Palm #1 exploration well. The accumulation is estimated to contain an additional 35 million barrels of recoverable reserves.

Palm #1 found 30 feet of oil-saturated Kuparuk formation sandstone at approximately 5,800 feet sub-sea. A sidetrack well, Palm #1A, tested at an unstimulated rate of about 2,500 barrels per day of 26-degree API gravity oil.

The Palm accumulation is located about three miles west of the Kuparuk field in the Greater Kuparuk Area.

The Palm discovery will be developed as an extension of the Phillips-operated Kuparuk field by expanding the existing Kuparuk Participating Area and Kuparuk River Unit. Production from the satellite field, which is expected to begin in 2003, will be processed through existing Kuparuk field facilities.

Kuparuk, which began production in 1981, is the second largest oil field in North America. The Greater Kuparuk Area, which includes four satellite fields, currently produces approximately 225,000 barrels of oil equivalent per day.


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