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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Douglas V. Fant who wrote (48114)	7/16/1999 3:36:00 PM
From: upanddown	Read Replies (2) \| Respond to of 95453

Doug Re the Mississippi Canyon discovery by Mobil/BP Amoco. We have had little talk about it here and even less in the media and I'am puzzled. Mobil estimates at least 1B BOE. Aren't the majors usually conservative in their preliminary estimates for discoveries ? If they do have 1B, wouldn't that be the largest strike in the lower 48 in many years? Do you think this will stimulate deepwater interest? I remember our favorite doggie (last I heard he was scoping out barenaked ladies on the beaches of San Tropez...that boy may never come back) saying that we need some strikes in the GOM deepwater. Well, we got one but what does it mean? Won't it take additional rigs to exploit a field of this size ? Thanks, John FAIRFAX, Va.--(BUSINESS WIRE)--July 15, 1999--Mobil Corporation announced today its domestic exploration and producing affiliate, Mobil Exploration & Producing U.S. Inc. (MEPUS), has confirmed a significant oil discovery in the deepwater Gulf of Mexico. The Crazy Horse prospect, located in more than 6,000 feet water depth, is anticipated to be the largest deepwater discovery to date in the Gulf of Mexico with estimated potential reserves of at least one billion barrels of oil equivalent (boe). The Crazy Horse discovery well, drilled to a total depth of 25,782 feet in Mississippi Canyon Block 778, is located in the central gulf region about 125 miles southeast of New Orleans. The well was temporarily plugged and abandoned July 4, 1999, in order to plan for the appraisal of the discovery. Mobil holds a 25 percent interest in the three blocks that encompass the Crazy Horse structure. The company also has a 25 percent interest in five additional blocks that offer additional potential for Mobil's deepwater program in the area. BP Amoco, as operator of the Crazy Horse prospect, owns the remaining 75 percent interest. Mobil is an integrated oil and gas company with significant holdings in the deepwater Gulf of Mexico. The company is currently the seventh largest deepwater lease acreage holder in the Gulf of Mexico, with more than 295 blocks in water depths greater than 1320 feet.