ConocoPhillips Makes Discovery Off Australia

ConocoPhillips announced a discovery in the Caldita No. 1 exploration well in the NT/P 61 license located offshore Northern Territory Australia. The well spudded on July 7, 2005, and encountered a significant hydrocarbon column in a high-quality reservoir interval. A drill stem test was conducted that flowed gas at a rate of approximately 33 million standard cubic feet per day on a one-inch choke. The well reached a total depth of 4,037 meters and will be plugged and abandoned as programmed. Technical evaluation to assess the further appraisal and development of the Caldita discovery is in progress. NT/P 61 is located in the Timor Sea approximately 265 kilometers north northwest of Darwin. The Caldita No. 1 well was drilled in 137 meters of water. The NT/P 61 license is jointly held by an affiliate of ConocoPhillips (operator, 60 percent) and Santos Offshore Pty. Ltd. (40 percent).