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Chevron Announces Two Discoveries Offshore Western Australia

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Chevron Corporation (NYSE: CVX) today announced further drilling success by its Australian subsidiary in the Exmouth Plateau area of the Carnarvon Basin, a premier hydrocarbon basin.

The Pinhoe-1 exploration discovery well encountered approximately 197 feet (60 meters) of net gas pay in the Barrow and Mungaroo Sands. Pinhoe-1 is located in the WA-383-P permit area, located approximately 124 miles (200 kilometers) north of Exmouth off the Western Australia coast. The well was drilled in 3,048 feet (929 meters) of water to a total depth of 13,396 feet (4,083 meters).

The Arnhem-1 exploration discovery well confirmed approximately 149 feet (45.5 meters) of net gas pay in the upper Mungaroo Sands. Arnhem-1 is in the WA-364-P permit area, located approximately 180 miles (290 kilometres) north of Exmouth off the Western Australia coast. The well was drilled in 3,963 feet (1,208 meters) of water to a total depth of 9,557 feet (2913 meters).

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