Successful Rslts of Kairi-2
BHP Billiton Limited
7 March 2002
BHP Billiton Limited is issuing this announcement to fulfil disclosure
obligations arising from its secondary listing on the London Stock Exchange.
The text of this release is identical to that issued by BHP Billiton Plc
earlier.
7th March 2002
Number: 14/02
BHP Billiton Announces Successful Results of KAIRI-2
Appraisal Well Offshore Trinidad
BHP Billiton today announced the results of the Kairi-2 appraisal well offshore
Trinidad. Kairi-2 is the Group's first appraisal well on the oil and gas
discovery made last year in Block 2(c) and confirms a significant hydrocarbon
resource.
Kairi-2 is located in waters approximately 35 meters deep and is 1 mile (1.6
kilometres) south of the Kairi-1 discovery, and 2 miles (3.2 kilometres) south
of the Canteen-1 discovery, both also located in Block 2(c).
Drilled to a total depth of 6,800 feet, Kairi-2 encountered approximately 1089
feet (gross) of hydrocarbon-bearing sands that included 167 feet of net oil pay
and 435 feet of net gas pay. The well tested at a rate of 4,360 barrels of oil
per day on a 44/64-inch choke.
This appraisal well follows Kairi-1, drilled during July and August 2001. It
encountered both oil and gas in a hydrocarbon column that included 235 feet of
net oil pay and 322 feet of net gas pay, and tested 3,000 barrels of oil per day
through a 38/64-inch choke.
President and CEO BHP Billiton Petroleum Philip Aiken said the results from
Kairi-2 provided further evidence of offshore Trinidad's major hydrocarbon
development potential.
'BHP Billiton's exploration success in the region has been outstanding. We have
made four commercial hydrocarbon discoveries in the greater Angostura area
(Kairi, Angostura, Canteen and Aripo) in the past three years and expect to
sanction a project for development of the Block 2(c) resources later this
calendar year,' Mr Aiken said.
'Block 2(c)'s attractive petroleum geology, shallow waters and proximity to the
coast offer the potential for a development that creates significant value for
all stakeholders.'
Appraisal drilling on Block 2(c) will continue for the next few months and will
encompass two new wells. The drilling program will provide further data on the
Angostura-1 gas discovery (made in 1999) and last year's oil and gas find from
the Canteen-1 discovery well.
Angostura-1 is located approximately 4.2 miles (7 kilometres) west-southwest of
Kairi-2 and tested natural gas at a stabilised flowrate of 30 million standard
cubic feet per day (mmscfd) through a 56/64-inch choke.
Canteen-1 is located 2 miles (3 kilometres) north of Kairi-2. It encountered
approximately 700 feet (gross) of hydrocarbon-bearing sands that included 200
feet of net oil pay and 179 feet of net gas pay. The well was tested at a rate
of 3,700 barrels of oil per day through a 72/64-inch choke.
'Final results of the drilling in Block 2(c) will be used to more accurately
assess the size of the resource and to determine development options,' Mr Aiken
said.
BHP Billiton holds a 45 per cent interest in Block 2(c) and is the designated
operator. Other partners include TotalFinaElf with a 30 per cent interest, and
Talisman Energy with a 25 per cent interest.
BHP Billiton has had a presence in Trinidad since 1996, and has built a solid
foundation for growth. The Group has a strong acreage position in the region and
was awarded exploration Block 3(a) in October 2001, subject to negotiation and
execution of a Production Sharing Contract.
Block 3(a) is located adjacent to blocks 2(ab) and 2(c) and provides BHP
Billiton with further highly prospective acreage. It is situated only 25 miles
(40 kilometres) off the northeastern coast of Trinidad in 100 to 300 feet of
water.
BHP Billiton is the designated operator and holds a 30 per cent working interest
in Block 3(a). Talisman Energy and BG International each hold a 30 per cent
interest and TotalFinaElf S.A. holds the remaining 10 per cent equity.
Further information can be found on our Internet site:
http://www.bhpbilliton.com
Australia
Dr. Robert Porter, Investor Relations
Tel: + 61 3 9609 3540 Mobile: +61 419 587 456
email: Robert.Porter@bhpbilliton.com
Mandy Frostick, Media Relations
Tel: +61 3 9609 4157 Mobile: +61 419 546 245
email: Mandy.J.Frostick@bhpbilliton.com
United States
Francis McAllister, Investor Relations
Tel: +1 713 961 8625 Mobile: +1 713 480 3699
email: Francis.R.McAllister@bhpbilliton.com
United Kingdom/South Africa
Michael Campbell, Investor & Media Relations
Tel: +27 11 376 3360 Mobile: +27 82 458 2587
email: Michael.J.Campbell@bhpbilliton.com
Ariane Gentil, Manager Communications
Tel: +44 20 7747 3977 Mobile: + 44 7881 518 715
email: Ariane.Gentil@bhpbilliton.com
BHP Billiton Limited ABN 49 004 028 077 BHP Billiton Plc Registration number 3196209
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Registered Office: 600 Bourke Street Melbourne Victoria Registered Office: 1-3 Strand London WC2N 5HA United Kingdom
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