Geoprober Drilling Moving from Ideas To Reality (Status August, 2005)

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1 Geoprober Drilling Moving from Ideas To Reality (Status August, 2005) Reel A 4 OD Reel B 3-1/8 OD Anaconda CT Unit Drilling Rig 27 m derrick, 200 tonnes Heave comp 120 tonnes 4.8m Existing Equipment Refurbishment & Integration Required Workclass ROV Launched over the stern Provides backup Subsea Controls 7-5/8 Drill-in Casing/ Riser DP 3 Vessel Acoustic controls Shut-off system BHA New/Novel Equipment Currently Testing Prototype

2 Shut-off System (Geo-SOS) Seabed Anchor 13-5/8 Double Shear Ram Re-Entry Hub ROV Kill Line Dual Seal Upper Gripper (Casing Hanger) Lower Gripper (Run Geo-SOS) Cuttings Returns ROV Interface Plate Anchor Base Flexible Pipe 13-3/8 casing, Bit

3 Geoprober Drilling Moving from Ideas To Reality August, 2005) Re-Entry Hub 13-5/8 Double Shear Ram ROV Kill Line Dual Seal Upper Gripper (Casing Hanger) ROV Interface Plate Lower Gripper (Run Geo-SOS) Conceptual Design Jan Jun 2004 Detailed Design Aug - Oct 2004 Prototype Jul - Aug 2005

4 Geoprober Drilling Moving from Ideas To Reality (Status August, 2005) Note: Top Flange of Geo-SOS is at base on floor! Prototype Jul - Aug 2005

5 Photo # CIMG 0131 Upper Spring Tubes locked into retracted position for assembly (released once the assembly is made). Upper Spring plate in position. Photo # CIMG 0132 Lower Spring tubes held in place for assembly with locking bolts. Lower Spring Plate in Position Key parts of the new subsea equipment (Geo-SOS) have been machined and assembled and this prototype is currently being tested

6 Anaconda Existing Equipment Transmission Rate 156 kbytes/sec Outer Wear Layer (now has outer pressure barrier) Fiberspar Composite Drillstring Carbon Fibre Strength Layer Copper conductors Thermoplastic liner Equipment will be re-furbished and brought back up to operating condition Geoprober has an agreement for an option to purchase the Anaconda equipment from Halliburton

7 Demonstration of the Use of Composite Coil Tubing to Drill Low Cost Deepwater Wells Once the new equipment has been fabricated and the existing Anaconda equipment refurbished, 3 demonstration wells will be drilled 1. A land well to show the use of the Anaconda equipment (potentially Catoosa) 2. A subsea demonstration of the new equipment (potentially in the Gulf of Mexico) 3. A deepwater demonstration well to confirm the viability of both the anaconda equipment and the new equipment

8 Operability/Applicability of System Geoprober - Water Depth/Drilling Depth (BML) Operability Water Depth (feet) Unable to Circulate (with Returns) Unless Use Dual Gradient or Similar Monohull of Opportunity Enhancements to tensioners/ derrick Use of exotic riser material Q4000/Purpose Built Monohull Capable to +/ ft WD Capability from Current/Typical Monohull of Opportunity Need to Develop Methods to manufacture Composite Coil Reels Longer than 17,000 ft & May have well hydraulic problems May Need true Monobore Drilling Depth (Depth BML - ft) The system is capable of drilling wells in the range shown above and at a cost that is estimated to be 59% less than the cost were a conventional approach used

9 Why Change?

10 Cost Comparison Simple GOM Well Water Depth = 7500 Water Depth = 7500 Air Gap = 80 Air Gap = ft BML 13 3/8 60 ft BML ft BML 7 5/ ft BML 13 5/ ft BRT 5 1/ ft BRT 12 1/ ft BRT 4 3/ ft BRT Conventional Well GOM Semi Geoprober Well GOM Q4000

11 Conventional Cost Breakdown Description Drill & Eval P&A Drill & P&A Misc. Salary $9,000 $0 $9,000 Wellsite Supervision $119,760 $20,000 $139,760 Contractor Services $551,000 $75,000 $626,000 Professional Consulting Engineering $30,000 $0 $30,000 Material Expense $115,500 $35,000 $150,500 Rig Fuel/Oil $285,000 $55,000 $340,000 Transportation Land $100,000 $12,000 $112,000 Transportation Air $320,000 $60,000 $380,000 Transportation Marine $800,000 $220,000 $1,020,000 Rig $160,000/day) $3,662,091 $482,447 $4,144,538 Bits & Mills $90,000 $0 $90,000 Mud/Chems/Compl Fluids/Services $1,700,000 $175,000 $1,875,000 Rentals- Downhole $180,000 $6,000 $186,000 Cement & Services $550,000 $50,000 $600,000 Location Preparation & Maintenance $30,000 $0 $30,000 Fishing Tools $0 $0 $0 Wireline Service $0 $0 $0 Formation Testing $100,000 $0 $100,000 Gravel Packs $0 $0 $0 Shorebase $45,000 $9,000 $54,000 Log - Wireline $900,000 $0 $900,000 Mud Logging $86,000 $0 $86,000 MWD & LWD $325,000 $0 $325,000 Perforating $0 $0 $0 Directional Services $180,000 $0 $180,000 Rentals - Surface $105,000 $18,000 $123,000 Diving/ROV $100,000 $15,000 $115,000 Communications $16,000 $3,000 $19,000 Oilfield Waste Disposal $320,000 $80,000 $400,000 Overhead (2.5% Tangible + Intangible $305,277 $32,886 $338,163 Geoprober Description Drill & Eval P&A Drill & P&A Misc. Salary $9,000 $0 $9,000 Wellsite Supervision $56,400 $7,742 $64,142 Contractor Services $267,079 $29,032 $296,111 Professional Consulting Engineering $30,000 $0 $30,000 Material Expense $115,500 $35,000 $150,500 Rig Fuel/Oil $138,144 $21,290 $159,434 Transportation Land $48,472 $4,645 $53,117 Transportation Air $155,109 $23,226 $178,335 Transportation Marine $290,830 $63,871 $354,701 Rig (@ $100,000/day) $1,210,162 $125,833 $1,335,995 Bits & Mills & Motors $290,000 $0 $290,000 Mud/Chems/Compl Fluids/Services $300,000 $80,000 $380,000 Rentals- Downhole $87,249 $2,323 $89,571 Cement & Services $200,000 $40,000 $240,000 Location Preparation & Maintenance $30,000 $0 $30,000 Fishing Tools $0 $0 $0 Wireline Service $0 $0 $0 Formation Testing $100,000 $0 $100,000 Gravel Packs $0 $0 $0 Shorebase $21,812 $3,484 $25,296 Log - Wireline $350,000 $0 $350,000 Mud Logging $41,686 $0 $41,686 MWD & LWD & Anaconda $387,252 $40,267 $427,518 Perforating $0 $0 $0 Directional Services $0 $0 $0 Rentals - Surface $50,895 $6,968 $57,863 Diving/ROV (incl. w/rig) $0 $0 $0 Communications $7,755 $3,000 $10,755 Oilfield Waste Disposal $74,839 $18,709 $93,548 Overhead (4.0% Tangible + Intangible $200,375 $20,216 $220,591 Tubulars Footage $/ft 36" $222, " $441, /8" $423, Tubulars Footage $/ft 13 3/8" - incl. with base $ /8" $224, /2" $103, Tubular Accessories & Liner Hangers $210,000 Wellhead $195,000 Total Intangibles $1,491,740 Tubular Accessories & Liner Hangers $270,000 Wellhead/BaSE $150,000 Total Intangibles $747,200 Dry Hole Dry Hole Cost Total Cost $13,864,702 Total Cost $5,735,364

12 Depth vs Days Note that drilling below the conductor commences on Day 3 when using the Geoprober system and on Day 12 when using a conventional BOP and riser system 6000 Set Conductor, Riser & BOP Depth (BRT - ft) Seabed Conventional Geoprober Days

13 Phase 1 $1.5M Status of Project Way Forwards Phase 2 $12M Phase 3 $3.5M Now Feb 06 Feb May Aug 07 Existing Prototype Cost: WIP Geo-SOS Controls & Hardware Engineering Stop Build Controls & Hardware Refurbish Surface Equipment Procure Equipment Integration, Test from Tank Tests Vessel Project Management Catoosa Test Well Demonstration Wells Offshore Test Well Contingency Stop Anaconda Engineering Assessment Halliburton Refurbish BHA Contingency Project Management Vessel Integration Vessel Safety Case Update June 2005 The Demonstration Wells form a key activity within the projected overall project plan. At the end of this plan, there will be a system that is ready to drill wells in deepwater.

14 Acknowledgements US DOE Chevron Statoil