and syn-rift reservoirs. A DST was conducted on the Orca #1 exploration well, and the well was
successfully tested at a facility-constrained rate of 3,700 barrels of oil per day and 16.3 million cubic
feet of gas per day with minimal drawdown (approximately 1%) in the upper sag section of the
discovery. The results of this DST confirm that the Orca #1 exploration well is capable of substantial
sustained oil production rates. On April 28, 2014, we submitted a declaration of commercial well to
Sonangol regarding the Orca #1 exploration well. In late 2014, we spud the Orca #2 appraisal well,
and operations on this well are ongoing.
On December 1, 2013, we announced that our Lontra #1 exploration well had been drilled to a
total depth of 13,763 feet (4,195 meters) and encountered approximately 250 feet (75 meters) of net
pay in a very high quality reservoir section. The Lontra #1 exploration well encountered both a high
liquids content gas interval and an oil interval. A DST was performed on the high liquids content gas
interval and successfully produced a sustained flow rate of 2,500 barrels per day of condensate and
39 million cubic feet per day of gas. The DST did not test the oil interval. On December 20, 2013, we
submitted a declaration of commercial well to Sonangol regarding the Lontra #1 exploration well.
Given the geographical proximity of the Lontra discovery and the Orca discovery, both on
Block 20 offshore Angola, our initial development concept is to tie-back the Lontra field to the Orca
field as part of a hub development and to proceed with the development of the oil and condensate
from the Orca and Lontra fields. The Greater Orca Lontra Development (GOLD) project is in the
early stages of the project development life-cycle and will require substantial additional evaluation and
analysis, including additional appraisal drilling, prior to preparing a development plan and seeking
formal project sanction. We are the operator of the GOLD project with a 40% working interest. Our
partners in the GOLD project include BP Exploration Angola (Kwanza Benguela) Limited (‘‘BP’’) and
Sonangol P&P, with each partner holding a 30% working interest.
Bicuar Discovery (Block 21).
On January 22, 2014, we announced that the Bicuar #1A exploration
well was successfully drilled to a total depth of 18,829 feet (5,739 meters) and encountered
approximately 180 feet (56 meters) of net pay from multiple pre-salt intervals. Results of an extensive
logging, coring and fluid acquisition program confirmed the existence of both oil and condensate in
multiple intervals. No free gas zones or water contacts were observed. The results from the Bicuar #1A
exploration well are significant because they confirm the first discovery of mobile hydrocarbons tested
in the pre-salt syn-rift geologic interval offshore Angola. On February 13, 2014, we submitted a
declaration of commercial well to Sonangol regarding the Bicuar #1A exploration well. The Bicuar
discovery 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 and have a 40% working interest in the
Bicuar discovery. Our partner in Bicuar is Sonangol P&P, with a 60% working interest.
Mavinga Discovery (Block 21).
On October 29, 2013, we announced that the Mavinga #1
exploration well had reached total depth and encountered approximately 100 feet (30 meters) of net oil
pay. This discovery was confirmed by the successful production of oil from mini DSTs, direct pressure
and permeability measurements and log and core analysis. Efforts to establish a sustained flow rate
from a full DST were not successful. We believe that operational issues associated with the DST
prevented the production from the oil reservoir during the production test. We estimate a gross oil
column of up to 650 feet (200 meters) at the crest of the Mavinga structure updip of the Mavinga #1
exploration well. Additional drilling will be required to confirm the ultimate gross thickness of the crest
of the Mavinga structure and Mavinga’s reservoir quality. On November 12, 2013, we submitted a
declaration of commercial well to Sonangol regarding the Mavinga #1 exploration well. The Mavinga
discovery is in the very early stages of the development life-cycle and will require substantial additional
evaluation and analysis, potentially including appraisal drilling, prior to preparing a development plan
and seeking formal project sanction. Given the results of the Mavinga #1 exploration well and its
proximity to the location of our Cameia project, our initial development concept for the Mavinga
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