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Eighth find in Angola block

August 24, 2000, 10:00 CEST

An eighth discovery has been made in block 15 off Angola, where Statoil holds a 13.33 per cent interest.

Named Saxi, the new find flowed 5,472 barrels of oil per day in a single test. Operator ExxonMobil reports that the well was drilled to 3,202 metres in 679 metres of water.

Saxi and its immediate predecessor Mondo, found this spring, lie in a different part of the block from the six earlier proven discoveries.

"Viewed in isolation, the latest find isn't the largest in this acreage," comments Jon Bakken, manager for Statoil's Angola commitment.

"Together with Mondo and other prospects in the area, however, it could lay the basis for a third development in block 15."

Two projects, Kizomba A and B, are already planned, with a development decision for the first of these likely to be taken in the first half of 2001.