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

To: stan s. who wrote (41940)	4/12/1999 12:49:00 AM
From: stan s.	Read Replies (2) \| Respond to of 95453

Unocal unit makes significant Gulf of Mexico find Monday April 12, 12:20 am Eastern Time SUGAR LAND, Texas, April 12 (Reuters) - Unocal Corp.'s Spirit Energy 76 unit said it had made a ''very significant'' oil and gas discovery on the Mad Dog prospect in the Gulf of Mexico deepwater Green Canyon block 826. The company said in a statement that it believed its net resource potential for the Mad Dog drilling unit is likely to be more than 100 million barrels of oil equivalent (mmboe) and possibly as high as 200 mmboe. On a preliminary basis, Spirit Energy believes the gross resource potential to be in excess of 400 mmboe and as much as 800 mmboe. If the upper range of the resource estimate is confirmed, Mad Dog could be one of the largest discoveries yet announced in the Gulf of Mexico, the company said. The well encountered 300 net feet of hydrocarbons, primarily crude oil, the company said in a statement. Spirit Energy holds a 25 percent interest in the 2 and one-half drilling unit that encompasses most of the Mad Dog structure. BP Amoco (quote from Yahoo! UK & Ireland: BPA.L) is the operator of the Mad Dog well, with a 64 percent working interest. Australia's BHP holds the remaining 11 percent. The Mad Dog drilling unit is located in 5,000 to 7,000 feet of water in Green Canyon about 150 miles southwest of Venice, Louisiana.