Neptune Start-Up Delayed by Hull “Anomolies”

Wednesday, March 26, 2008

The Neptune TLP, which is located approximately 120 miles off the Louisiana coastline, was scheduled to start up first oil and natural gas production by the end of March and the company is currently assessing all the options in order to re-commence start up activities. The schedule for first production will be updated.

BHP Billiton is designated operator of the field with a 35 per cent interest. Partners include Marathon Oil Company (30 per cent), Woodside Energy (USA) Inc. (20 per cent), a subsidiary of Woodside Petroleum Ltd., and Maxus (U.S.) Exploration Company (15 per cent).

Neptune is a single-column TLP and was installed in 4,250 feet (1,300 meters) of water on Green Canyon Block 613. The Neptune field comprises five blocks: Atwater Valley 573, 574, 575, 617 and 618 where water depths range from 4,200 to 6,500 feet (1,275 to 2,000 meters).

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