Chevron announces further natural gas discovery offshore Australia

October 25, 2012

Chevron Corporation announced further drilling success by its Australian subsidiary in the Greater Gorgon Area, located in the Carnarvon Basin, a premier hydrocarbon basin. The Satyr-4 exploration discovery well confirmed approximately 220 feet of net gas pay. The well is located in the WA-374-P1 permit area approximately 75 miles northwest of Barrow Island, off the Western Australian coast. The well was drilled in 3,570 feet of water to a total depth of 15,023 feet. Chevron Australia (CVX) is the operator of WA-374-P with a 50% interest while Shell Development (RDS.A) and Mobil Australia Resources Company (XOM) each hold 25%.