Chevron Reports Nat Gas Discovery Offshore Australia

Chevron Corporation

today announced further drilling success by its Australian subsidiary in the Exmouth Plateau area, located in the Carnarvon Basin. The Elfin-1 exploration discovery well encountered approximately 132 feet (40 meters) of net gas pay in the upper Mungaroo sands. It is Chevron's 21^st discovery offshore western Australia since mid-2009. Located in the WA-268-P permit area, the well is located approximately 106 miles (170 kilometers) northwest of Barrow Island and was drilled in 3,570 feet (1,088 meters) of water to a total depth of 11,909 feet (3,630 meters).