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NEWS BULLETIN

July 06, 1999 --- Vol. 5, No. 33July 1999

ARCO, Anadarko announce 50 million barrel field at Fiord

ARCO Alaska Inc. and Anadarko Petroleum Corp. said July 6 that the Fiord accumulation just north of the Alpine field is estimated to contain more than 50 million barrels of proven and potential reserves.

The companies said that the 5 Fiord exploration well, drilled this winter, encountered a 60-foot vertical section of oil-bearing sand in a Jurassic reservoir and a 15-foot vertical section of oil-bearing sand in the Kuparuk formation.

The Jurassic reservoir tested 1,400 barrels per day of 29 degree API gravity oil and 0.65 million standard cubic feet a day of gas after fracture stimulation. A subsequent combined flow test of the Jurassic and unstimulated Kuparuk reservoir yielded 2,500 barrels per day of 30 degree API gravity oil and 1.2 million standard cubic feet of gas per day.

ARCO began drilling at Fiord in 1992 and in December of that year announced a discovery at the 1 Fiord well. ARCO said the 1 Fiord was productive from two intervals, testing 1,065 barrels a day of 32 degree API oil from one interval and 180 barrels a day of 26 degree API gravity oil from a second interval after hydraulic fracturing.

ARCO spokeswoman Dawn Patience told PNA that the 5 Fiord was tested at a depth of approximately 7,000 feet.

State drilling records show that the 1 Fiord

(completed in April 1992) had a vertical depth of 9,973 feet. The 2 Fiord (completed in March 1994) had a vertical depth of 7,214 feet. The 3 Fiord (completed in April 1995) had a vertical depth of 7,030 feet. The 3A Fiord (a sidetrack of the 3 Fiord, also completed in April 1995) had a vertical depth of 7,038 feet.

The 5 Fiord discovery well is located on a lease in which ARCO owns a 78 percent working interest and Anadarko owns a 22 percent working interest.

The 4 Fiord well located 2 miles northeast of 5 Fiord also encountered an oil-bearing Jurassic reservoir. Plans for further delineation and development of the Fiord field are under evaluation.

ARCO said that the Fiord discovery could become the first satellite field to Alpine. The company said the fact that it can be developed under an existing state-approved unit, the Colville River unit, will expedite its development. Alpine development is currently under way, with the production facility now about 80 percent complete. Alpine is on schedule to begin producing in mid-2000 at an initial rate of 40,000 barrels of oil per day, increasing to 70,000 barrels per day in 2001.

BP term prices hold steady for July

The BP Amoco July term price for Alaska North Slope crude is $15.86 a barrel, up 2 cents from the June term price of $15.84 a barrel, a 0.13 percent increase.

The average term price year-to-date for 1999 is $13 a barrel, down 2.38 percent from the comparable 1998 year-to-date average term price of $13.32 a barrel.

BP has the largest volume of ANS production and is the only producer to post term prices.

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