Unocal finds oil and gas

Unocal finds oil and gas

SINGAPORE (Dow Jones): Unocal Corp. unit Unocal Rapak Ltd. has
discovered natural gas and crude in the southern portion of the
Rapak Production-Sharing Contact area, offshore East Kalimantan,
Indonesia, Unocal said in a news statement received Wednesday.

The Ranggas-1 well was drilled to a total depth of 11,845 feet
(3,600 meters) in 5,303 feet (1,600 meters) of water. The well
encountered 250 feet (76 meters) of gas pay and 40 feet (12
meters) of oil pay, the company said.

The discovery well is located on a new geologic structure
approximately 28 miles (45 kilometers) southeast of Indonesia's
first deepwater field, West Seno. West Seno is being developed by
Unocal.

The West Seno field is located in the Makassar Strait
production sharing contract area, in which Unocal holds a 45
percent interest and Exxon Mobil Corp. holds the remainder. At
its peak, the West Seno field is expected to produce at 60,000
barrels a day.

Unocal expects to drill additional wells to assess the size of
the reservoir. Results are expected in March.