BP will not drill Treasure Island test well
  by: OilOnline
  Monday, November 17, 2003

BP Exploration & Production will not drill a Treasure Island test well in the Gulf of Mexico during 2003. BP is operator of all 26 Treasure Island lease blocks in which Newfield Exploration and the Treasure Island Royalty Trust currently own an interest. Treasure Island is an ultra deep exploration concept to explore for oil and gas in the shallow waters. Pursuant to the current agreement between BP and Newfield, if BP does not commence drilling the initial well by Dec. 31, the agreement will terminate and interests in the 20 leases assigned to BP under the agreement will be reassigned to Newfield for nominal consideration. Newfield and BP are discussing alternatives. There is no production and there are no proved reserves associated with Treasure Island. No wells have yet been drilled to test the exploration concept.