Exxonmobil Discovers Oil And Gas In Se Remora-1 Well

Exxonmobil Discovers Oil and Gas in South East Remora-1 Well

Melbourne: Esso Australia Pty Ltd, an ExxonMobil Australia subsidiary, announced today that it has encountered oil and gas at the South East Remora-1 exploration wildcat well, the latest in a series of successful drilling achievements in the Bass Strait.

Located 35 kilometres off the Victorian coast in Bass Strait, the well was drilled in 57 metres of water to a total depth of 3,602 metres below sea level, finding oil and gas in the Latrobe and Golden Beach groups in the Gippsland Basin. The well is included in the Gippsland Basin Joint Venture between Esso Australia Resources Pty Ltd (50%, operator) and BHP Billiton Petroleum (Bass Strait) Pty Ltd (50%).

Data analysis and additional studies are being conducted to evaluate the discovery.

John Dashwood, ExxonMobil Australia Chairman said "Bass Strait has a long history and a bright future. Combining innovative ideas and new technology with in-depth knowledge and experience, we have been able to significantly extend the life of the existing Bass Strait fields, and to find and produce oil and gas from new locations."

The South East Remora discovery continues a series of successful drilling achievements in Bass Strait. In 2001, ExxonMobil commissioned the largest 3D seismic survey ever recorded in Bass Strait to locate potential hydrocarbon bearing rock formations. The survey covered more than 3,900 square kilometres over an area encompassing known oil and gas fields and resulted in a series of successful field drilling programs.

ExxonMobil used advanced technologies, such as the company's proprietary Fast Drill process, to drill several complex extended reach wells, including the longest well in Bass Strait. More than 100 wells have been drilled and over $1 billion invested by ExxonMobil subsidiaries and partners in the Bass Strait over the past 10 years.

There are significant oil and gas resources still to be produced in the Gippsland Basin, and decades of remaining oil and gas production.

About ExxonMobil Australia
ExxonMobil Australia is Australia's largest integrated oil and gas company, with a total investment of over A$13 billion. Our activities cover a full range of petroleum related activities from oil and gas exploration and production (upstream operations), to petroleum refining and marketing of fuels, lubricants and chemical products (downstream operations). Find out more about ExxonMobil Australia at www.exxonmobil.com.au.

###

Media Contact: Rebecca Arnold 03 9270 3478 or 0400 511 247

SOURCE: ExxonMobil Australia