HOUSTON, March 9 /PRNewswire/ -- Newfield Exploration Company (NYSE: NFX) today announced that the Brontosaurus No. 1 exploratory prospect offshore Australia was a dry hole. The well was drilled on Exploration Permit ACP/20 to a total depth of 12,070 feet. Newfield owns a 40% interest in ACP/20.
The Ocean General semi-submersible drilling rig used on the Brontosaurus prospect will be moved to Newfield's Jabiru Field, also offshore Australia, where it will spud the first infill development well -- the Jabiru 14. The Jabiru 14 is expected to spud in mid-March and will be followed by an infill well in the Challis Field in late April. Newfield will operate both wells.
Newfield acquired a 50% interest in the Jabiru and Challis Fields in mid-1999. In addition, the Company has interests in seven Exploration Permits covering about 3.0 million gross acres and plans to drill at least two additional wildcat wells offshore Australia in the Timor Sea during 2000.
Newfield Exploration is an independent crude oil and natural gas exploration and production company. The Company has a solid base of producing properties and exploration and development drilling opportunities primarily in the Gulf of Mexico with operations along the U.S. Gulf Coast and offshore Australia.
Certain of the statements set forth in this news release regarding drilling activities are forward looking and are based upon assumptions that are subject to uncertainties. Actual drilling activity may vary from those anticipated due to many factors, including oil and gas prices, industry conditions, the prices of goods and services and the availability of drilling rigs and other support services. In addition, the drilling of oil and gas wells and the production of hydrocarbons are subject to governmental regulations and operating risks.
For information, contact: Steve Campbell (281) 847-6081 firstname.lastname@example.org www.newfld.com
SOURCE Newfield Exploration Company
Web site: http: //www.newfld.com
CONTACT: Steve Campbell of Newfield Exploration Company, 281-847-6081, or email, email@example.com