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Amerada Hess Corporation (NYSE: AHC) participated in a successful appraisal well drilled by Kerr McGee, as operator, in Garden Banks Block 244, south of the Amerada Hess operated Northwestern Field. Interests in Garden Banks Block 244 are:
| Amerada Hess Corporation (NYSE: AHC) | 27 percent | |
| Kerr McGee Corp. (Operator) | 40 percent | |
| Petrobras | 33 percent |
A down-dip sidetrack to appraise the initial discovery recorded additional oil and gas pays. An up-dip sidetrack to establish the full column size of the field is being drilled. The operator estimates the gross reserve potential at about 40 million barrels of oil equivalent. Development options are being evaluated.
In the August lease sale, Amerada Hess acquired an interest in an adjacent block on Garden Banks 245, where a well is planned for 2002. Amerada Hess also has interests in several other blocks in this area.
Contact: Amerada Hess Corporation.......C.T. Tursi (212) 536-8593