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Chevron: Strikes Natural Gas In Carnarvon Basin, Australia

THE WALL STREET JOURNAL: DECEMBER 14, 2009

SYDNEY (Dow Jones)–Chevron Corp. (CVX) said Tuesday that an exploration well had struck natural gas in the Carnarvon basin offshore Western Australia state.

Chevron said results from the Satyr-1 well, drilled in a water depth of more than 1,000 meters, indicated approximately 130 meters of net gas pay.

The deepwater discovery supports the long-term growth plans for the Gorgon liquefied natural gas project, Chevron said.

Chevron is the operator of the WA-374-P permit area where the latest discovery was made. Units of Royal Dutch Shell Plc (RDSB) and ExxonMobil Corp. (XOM) each have 25% interests in the license.

-By David Winning, Dow Jones Newswires; +61-2-82724688; [email protected]

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