from the North Platte #2 appraisal well will help us as we continue to evaluate the commerciality and
potential development options for North Platte. In addition, we continue to analyze the data obtained
from a 5,200 square mile full azimuth 3-D seismic survey over the greater North Platte area, of which
we have licensed data covering approximately 1,350 square miles. This 3-D seismic survey is designed to
further improve the sub-salt imaging of the North Platte field as well as several other Inboard Lower
Tertiary exploration prospects in which we have working interests. We are using this 3-D seismic data to
optimize potential appraisal and development well locations on North Platte. We are also conducting
reservoir fluids analyses and subsea studies to support our appraisal and development efforts there.
Reservoir characterization and certain geologic modeling studies are ongoing in order to better
understand reservoir continuity, productivity and recovery characteristics of the field. The North Platte
project is in the early stages of the project development life-cycle and will require substantial additional
evaluation and analysis, including appraisal drilling, prior to preparing a development plan and seeking
formal project sanction. We are the operator of North Platte and own a 60% working interest.
Shenandoah Project.
On February 4, 2009, we announced that Anadarko, as operator, had drilled
the Shenandoah #1 exploration well into Inboard Lower Tertiary horizons and encountered net oil pay
approaching 300 feet. This well, located in approximately 5,750 feet of water in Walker Ridge Block 52,
was drilled to approximately 30,000 feet. The Shenandoah #2 appraisal well was spud in the third
quarter of 2012 in approximately 5,800 feet of water, about 1.3 miles southwest of the Shenandoah #1
exploration well and was drilled to a total depth of 31,405 feet. On March 19, 2013, we announced that
the Shenandoah #2 appraisal well encountered more than 1,000 net feet of oil pay in multiple high
quality Inboard Lower Tertiary reservoirs. The Shenandoah #3 appraisal well was spud in the second
quarter of 2014 and evaluated the same well-developed reservoir sands 1,500 feet down-dip and
2.3 miles east of the first appraisal well. This well found an expanded geologic reservoir section,
confirmed excellent reservoir qualities and delineated the potential oil-water contacts of the field.
Planning is currently underway for another appraisal well, which we expect will be spud in the second
quarter of 2015. The Shenandoah project is in the early stages of the project development life-cycle and
will require substantial additional evaluation and analysis prior to the preparation of a development
plan and seeking formal project sanction. We own a 20% non-operated working interest in the
Shenandoah project.
Yucatan Project.
In the first quarter of 2014, we acquired a 5.34% non-operated working interest
in the Yucatan discovery, which is an Inboard Lower Tertiary discovery located approximately three
miles south of our Shenandoah discovery. Following this acquisition, we participated as a non-operator
in the Yucatan #3 appraisal well, which reached total depth of 33,838 feet in the third quarter 2014
and encountered approximately 57 gross feet of pay in Lower Tertiary oil bearing sands down-dip of
the initial discovery. The well results and data acquired are currently being evaluated and Shell, as
operator, has transitioned the project over to its appraisal team. The Yucatan project is in the early
stages of the project development life cycle and will require substantial additional evaluation and
analysis, which may include additional appraisal drilling, prior to preparing a development plan and
seeking potential formal project sanction. Given its proximity to the Shenandoah discovery, it is
possible that any future development of Yucatan would tie-back to production facilities at Shenandoah.
Anchor Discovery.
On January 6, 2015, we announced that the initial exploration well on our
Anchor prospect had been drilled to a total depth of 33,749 feet and encountered significant high
quality oil pay in multiple Inboard Lower Tertiary horizons. The Anchor discovery is located
approximately 140 miles from the Louisiana coast in 5,183 feet of water. Chevron, as operator, expects
to conduct additional appraisal drilling at Anchor in 2015. The Anchor discovery will require
substantial additional evaluation and analysis, including appraisal drilling, prior to preparing a
development plan and seeking formal project sanction. We own a 20% non-operated working interest
in the Anchor discovery unit.
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