Chevron Announces Further Natural Gas Discovery Offshore Australia

Thu Feb 7, 2013 9:00am EST

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http://pdf.reuters.com/htmlnews/8knews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20130207:nBw075627a

Kentish Knock South-1 adds to Chevron`s queue of offshore natural gas
opportunities in Australia
SAN RAMON, Calif.--(Business Wire)--
Chevron Corporation (NYSE: CVX) today announced the 20th discovery off the
Western Australian coast since mid-2009 by its Australian subsidiary following
further drilling success in the Exmouth Plateau area, located in the prolific
Carnarvon Basin, a premier hydrocarbon basin. 

The Kentish Knock South-1 exploration discovery well encountered approximately
246 feet (75 meters) of net gas pay in the upper Mungaroo Sands. The well is
located in the WA-365-P permit area approximately 173 miles (280 kilometres)
north of Exmouth off the Western Australian coast. The well was drilled in 3,832
feet (1,168 meters) of water to a total depth of 10,056 feet (3,065 meters). 

"The Asia Pacific region is key to Chevron`s growth strategy and our strong
Australia natural gas portfolio continues to be bolstered by our strategic
approach to finding and developing resources that will help meet the growing
energy needs in the region," said George Kirkland, vice chairman, Chevron
Corporation. 

Melody Meyer, president, Chevron Asia Pacific Exploration and Production
Company, said, "Kentish Knock South-1 is an important addition to our queue of
high-quality offshore natural gas opportunities in Australia and further
supports our long-term plans to expand our Australian LNG position." 

Chevron Australia is the operator of WA-365-P with a 50 percent interest while
Shell Development (Australia) holds 50 percent. 

Chevron is one of the world`s leading integrated energy companies, with
subsidiaries that conduct business worldwide. The company is involved in
virtually every facet of the energy industry. Chevron explores for, produces and
transports crude oil and natural gas; refines, markets and distributes
transportation fuels and lubricants; manufactures and sells petrochemical
products; generates power and produces geothermal energy; provides energy
efficiency solutions; and develops the energy resources of the future, including
biofuels. Chevron is based in San Ramon, Calif. More information about Chevron
is available at www.chevron.com. 

Cautionary Statement Relevant to Forward-Looking Information for the Purpose of
"Safe Harbor" Provisions of the Private Securities Litigation Reform Act of
1995.

Some of the items discussed in this press release are forward-looking statements
about Chevron's activities in Australia. Words such as "anticipates," "expects,"
"intends," "plans," "targets," "forecasts," "projects," "believes," "seeks,"
"schedules," "estimates," "budgets," "outlook" and similar expressions are
intended to identify such forward-looking statements. The statements are based
upon management's current expectations, estimates and projections; are not
guarantees of future performance; and are subject to certain risks,
uncertainties and other factors, some of which are beyond the company's control
and are difficult to predict. Among the important factors that could cause
actual results to differ materially from those in the forward-looking statements
are changes in prices of, demand for and supply of crude oil and natural gas;
actions of competitors; the inability or failure of the company`s joint-venture
partners to fund their share of operations and development activities; the
potential failure to achieve expected net production from existing and future
crude oil and natural gas development projects; potential delays in the
development, construction or start-up of planned projects; the potential
disruption or interruption of the company`s net production or manufacturing
facilities or delivery/transportation networks due to war, accidents, political
events, civil unrest, or severe weather; government-mandated sales,
divestitures, recapitalizations, industry-specific taxes and changes in fiscal
terms or restrictions on scope of company operations; foreign currency movements
compared with the U.S. dollar; and general economic and political conditions.
The reader should not place undue reliance on these forward-looking statements,
which speak only as of the date of this press release. Unless legally required,
Chevron undertakes no obligation to update publicly any forward-looking
statements, whether as a result of new information, future events or otherwise.

Chevron Corporation
Alex Yelland, +65 9720 2560
Singapore 



Copyright Business Wire 2013

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