DRILLING

Anadarko exercises option in AC/P26

West Oil announced this week that Anadarko Petroleum Corporation is exercising its option to dril...

Anadarko will pay 100 per cent of the well costs with an option to take 75% of AC/P26, of which West Oil owns 50%, within 90 days of the well being completed. If Anadarko elects to take 75% of AC/P26 after drilling the exploration well, West Oil will retain 12.5% of AC/P26. Trans-Orient Petroleum (Aust) Pty Ltd will own the remaining 12.5% interest in the Permit.

Anadarko will drill the well updip of the Anson well, in AC/P26, after it has drilled the Sleeper and Sebring wells in AC/P27 and AC/P25. West Oil recently announced an agreement to earn an option over an effective 5% free carried interest in Sleeper in AC/P27 and an effective 10% free carried interest in Sebring in AC/P25 from Daytona Energy Corporation. West Oil will now be participating in all three wells to be drilled by Anadarko starting in January 2002.

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